Mumbai-based property developer Housing Development and Infrastructure (HDIL) is selling 400,000 sq ft of transferable development rights (TDR) worth Rs 42 crore in the market, even though TDR prices have been falling swiftly for some time and may go down further.
The announcement of the sale was made today. Analyst worries notwithstanding, the market seemed to welcome the news. HDIL stock ended the day at Rs 89.90, over nine per cent higher than Tuesdays price.
TDRs are the additional built-up area granted in lieu of area surrendered by an owner of land or space for any redevelopment or a public purpose project. A TDR owner can use the rights himself in other areas of a city or sell it to other parties.
More : business-standard.com
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