Housing Development & Infrastructure Ltd Share Price

History of Housing Development & Infrastructure Ltd

Housing Development and Infrastructure Limited (HDIL) was incorporated as 'Housing Development and Improvement India Private Limited' on July 25, 1996. The status was changed to a Public Limited Company on February 3, 2005 by the Assistant Registrar of Companies, Maharashtra, Mumbai. The name was further changed to Housing Development and Infrastructure Limited consequent to the change of name granted on August 29, 2006, by the Deputy Registrar of Companies, Maharashtra, Mumbai. The Company is a part of the Wadhawan Group (formerly known as the Dheeraj Group), which has been involved in real estate development in the Mumbai Metropolitan Region for almost three decades. Company is one of the premier real estate development companies in India and is actively pursuing on the development of ... real estate and slum rehabilitation projects in Mumbai Metropolitan region. The company is engaged in the business of real estate development and construction of residential and commercial properties, infrastructure facilities and all other related activities. They are also engaged in slum rehabilitation projects in Mumbai Metropolitan region. They have also diversified into energy, hospitality and the development of SEZs. Since the incorporation in 1996, HDIL has completed 24 projects comprised of approximately 11.3 million square feet of saleable area. The company's residential projects include Residential Park, Vihar; Paradise City-Phase I, Palghar, and Paradise City, Palghar. Their retail projects include Harmony, Oshiwara, and Paradise City, Palghar. Their multiplex business is operated under the brand name Kulraj Broadway. The company is focusing on four multiplexes operations: a three screen multiplex at Vasai; a four screen multiplex at Kandivali; a six screen multiplex at Bhandup, and four screen multiplex at Kolkata. The company has established themselves as one of India's premier real estate development companies, with significant operations in the Mumbai Metropolitan Region. They are a public listed real estate company in India with shares traded on the BSE & NSE Stock Exchanges In January 2001, the Mall project in Malad, Mumbai built by the subsidiary, Privilege Power and Infrastructure Pvt Ltd (earlier known as Dewan Investments Pvt Ltd). In March 2004, the company purchased 30 acres of land from Automobile Products India Ltd on LBS Marg, Near Bhandup Station, Mumbai for Dreams Project. In the year 2005, 548 units in Dreams project on LBS Marg, Near Bhandup Station, Mumbai sold on the first day of opening of the booking. In February 3, 2005, the company was converted into public limited company and the name was changed to Housing Development and Improvement India Ltd. In March 2005, the company completed the Dheeraj Arma comprising commercial premises in Bandra (East), Mumbai. In May 2005, the company sold FSI measuring 0.5 million sq. feet at Bandra Kurla Complex, Mumbai to Wadhwa Constructions and FSI measuring 0.7 million sq. feet at Mulund, Mumbai to Nirmal Lifestyles. In August 2005, they sold the same measuring 10.7 million sq. feet at Virar to Evershine Developers. In April 2006, the company through the subsidiary Privilege Power & Infrastructure Pvt Ltd received in-principal approval from the Government of India for establishing a multi-product Special Economic Zone at Vasai, District Thane, Maharashtra. In May 2006, the company made a MoU with the Adani Group for the sale of rights in land measuring 1.7 million sq. feet at Bandra Kurla Complex, Mumbai. In August 26, 2006, the company name was changed to Housing Development and Infrastructure Ltd. In the year 2007, the company entered into a MOU for purchase of 8.32 acres of property belonging to Kilburn Engineering Ltd situated at Bhandup for a total consideration of Rs 124.70 crore. In October 2007, the company received a letter of intent from Mumbai International Airport Pvt Ltd for the airport slum rehabilitation project, for removal of slums for encroached airport land. The company acquired industrial plots for redevelopment in Navi Mumbai, Mulund and Bhandup aggregating close to 35 acres during November 2007 to February 2008. In February 21, 2008, the company entered in to sale of Developmental rights agreement with respect to its project named Kaledonia situated at sahar Road, Andheri (East) with Mack Star marketing Pvt Ltd for a consideration of Rs 900 crore. In February 2008, the company entered the Entertainment Sector with 100% subsidiary and launched first three screens multiplex in Vasai under the brand name BROADWAY. During the year 2008-09, the company launched three residential projects namely Premier Residences located at Kurla (West), Metropolis located at Versova, Andheri (West) and Galaxy Apartments located at Kurla (East). They acquired about 53 acres of land in Kurla for Phase I of Mumbai Airport Slum Rehabilitation. Also, they started construction of Phase I of the airport slum rehabilitation project for about 5-6 million sq. ft. of rehabilitation area and 6 million sq. ft. of saleable area. The company also entered into Joint Venture with MMRDA for Rental Housing Scheme which is mega infrastructure project of approximately 525 acres located at Virar. During the year 2009-10, the company launched six Residential projects across Mumbai Metropolitan region with focus on affordability and sold approx 4,5 million sq ft of saleable area. They maintained their leadership in sale of Transferable Development Rights (TDR) in Mumbai Metropolitan Region. During the year, Guruashish Construction Pvt Ltd and BKC Developers Pvt Ltd became subsidiaries of the company. Also, HDIL Oil & Gas Pvt Ltd ceased to be a subsidiary of the company. During the year, Blue Star Realtors Pvt Ltd, a wholly owned subsidiary of the company received the permission from the Ministry of Commerce and Industry, Department of Commerce (SEZ Section) dated March 10, 2010 for setting up of a sector specific Special Economic, Zone for information Technology (IT) at Kalamassery Kochi, Kerela admeasuring an area of 28.32 hectares. During the year 2010-11, the company launched Residential as well as Commercial projects admeasuring 57,40,218 sq ft of saleable area. Lashkaria Construction Pvt Ltd became a subsidiary of the company with effect from October 12, 2010. During the first quarter of the financial year 2012, the company divested their investment in HDIL Commercial Properties Pvt Ltd. Thus HDIL Commercial Properties Pvt Ltd ceased to be a subsidiary of the company. During the year 2012-13, Company launched Whispering Towers-a 40 storey mega project at Mulund West, Majestic Tower-a 36 storeyed building at Nahur West 54 Corporate Park, Residency Park II. The Company launched a new projects i.e 'The Nest' during the year 2016-17. Presently, the Company is executing projects at Nahur, Mulund, Kurla, Andheri, Ghatkopar, Virar and Palghar.