HDIL Clarifies on Denial of sale of property by HMT

HDIL has clarified with reference to the denial by HMT on leading news channel on September 13, 2007, that they have not sold any property to Housing Development & Infrastructure Ltd (HDIL), reported to be developed by HDIL.

The fact is that Blue Star Realtors Pvt Ltd have on October 17, 2006, pursuant to bids called by HMT, purchased by Deed of Absolute Sale from HMT, land situated at Kalamaserry, Ernakulam, admeasuring 70 acres. Blue Star Realtors Pvt Ltd has entered into Joint Development Agreement with HDIL for development of said 70 acres of property at Kalamaserry.

HDIL is jointly developing the property admeasuring 70 acres at Kalamaserry, Ernakulam now owned by Blue Star Realtors Pvt Ltd.

HDIL stock closed the day at Rs.580.50, up by Rs.8.25 or 1.44%. The stock hit an intraday high of Rs.585.90 and low of Rs.573.50. The total traded quantity was 750430 compared to 2 week average of 828281.

Source : Equity Bulls

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