HDIL shares rise nearly 6% intraday on Kurla land deal

The shares of Housing Development and Infrastructure Ltd​ (HDIL) rose as much as 5.61% in an early morning trade on BSE on Tuesday following the company's announcement of selling developmental rights on its land parcel at Kurla to DK Realty (India) for Rs 649.51 crore.

However, at 1127 hours, the shares of the company came down slightly from day's high to 4.62% or Rs 3.25 at Rs 73.60 per scrip intraday on BSE.

The shares of the company opened at Rs 73.00 per scrip and the day's high and low were at Rs 74.30 and Rs 72.60 per scrip, respectively. 

"HDIL has registered a development agreement with DK Realty (India) to sell the development rights in respect of the piece and parcel of land situated at Kurla for a consideration of Rs 649.51 crore," the company said in a filing to the BSE on Monday.

HDIL has significant operations in the Mumbai Metropolitan Region (MMR) and has developed over 100 million square feet area of commercial, residential and retail space.

The company has a land reserve of 243.99 million square feet as on March 31 and has around 40,00,000 square feet of Transfer and Development Rights (TDR)