To reduce debt HDIL to sell 5million sq ft land in Mumbai

MUMBAI: Real estate market across the country facing downturn even Mumbai like city also, and due to this realtors have affected severely. So due to this it has now become a trend in developers that if they wanted to reduce their debt instead of planning for increasing sales rate they are selling their properties to reduce debts. Realty developer Housing Development and Infrastructure Limited (HDIL) has put nearly 5 million sq ft of land parcels at Virar near Mumbai on the block, sources said. The developer expects to raise Rs 650 crore through the sale in the next few weeks to repay its debt, a concern person said on the basis of anonymity.
In the contemporary market this has become a trend if realtor wants to reduce debt plans to sell its peace of land. Similarly, DLF is all set to sell it NTC mill land valued assets spread over 17.5acreto reduce located in Mumbai and also has planning to sell its 13-acre plot in Gurgaon. Approx 1 million sq ft of commercial space can be built on the plot that is expected to fetch 300crore for the firm.