Housing Development and

Infrastructure Limited
(HDIL)

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 Disclaimer
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Overview of the Company
▪ HDIL, incorporated in 1996, is a public listed real estate company in India with shares traded on the BSE
& NSE Stock Exchanges. HDIL group has completed more than 100 million sq. ft. of construction in all
verticals of real estate.

▪ With operations spanning every aspect of the real estate business, from residential, commercial and
retail projects, to slum rehabilitation to land development, HDIL was ranked as India’s fastest growing
real estate company by Construction World-NICMAR in October 2007.

▪ Residential projects range from apartment complexes to towers to townships. Commercial projects
comprise premium office spaces as well as multiplex cinemas. Retail segment primarily has focused on
building shopping malls.

▪ HDIL has also handled several slum rehabilitation projects under the Maharashtra State Government
scheme administered by the Slum Rehabilitation Authority (SRA), offering development rights in
exchange for clearing and redeveloping slum lands, while providing replacement housing for the
displaced slum dwellers.

1996 2007 2009 2011 2019

Incorporation IPO Listing Date Launched Launched Admission into
Largest Largest SRA CIRP
Residential project
housing project

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Reasons for Downturn
▪ Mounting burden of debt due to the stressed state of liquidity resulting in the Corporate Debtor’s
account turning Non-Performing Asset (NPA) from as early as 2011.
▪ Delay in approvals for asset sales and FSI sales linked to the SRA projects from various real estate
regulatory authorities.
▪ Mismanagement of funds.
▪ The slowdown of overall real estate market in India, implementation of GST as well as Demonetization.

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Overview of CIRP of the Company
▪ Hon’ble NCLT Mumbai Bench admitted the application filed by Bank of India under Section 7 of
Insolvency & Bankruptcy Code, 2016 on 20.08.2019 (order received on 26.08.2019). Accordingly, HDIL is
undergoing Corporate Insolvency Resolution Process (CIRP).

▪ Mr. Abhay Narayan Manudhane was appointed as the Interim Resolution Professional (IRP) vide order of
the Hon’ble NCLT Mumbai Bench. Subsequently, the IRP was appointed as the RP by the Committee of
Creditors (CoC) members in their first meeting held on 08.01.2020.

▪ Public Announcement in Form A was published in an English daily and a vernacular newspaper on
29.08.2019. Form G was published on 09.03.2020 inviting EoI from Prospective Resolution Applicants for
the company as a whole however, no resolution plan was received.

▪ In the 18th meeting of CoC held on 08.09.2021, it was approved by the CoC members to re-run the
process of inviting expression of interest. Pursuant to the captioned deliberation, Form G (EoI) was
published in an English daily and 1 vernacular on 18.09.2021.

▪ The company is now available either for resolution of the company as a whole or for project specific
resolution for 1 or more projects.

▪ Further information pertaining to CIRP is available on the company website -

http://www.hdil.in/investor-relations/cirp/
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Projects executed by HDIL

Commercial & Retail:

Residential:
• Dreams Mall
• Dheeraj Affaire, Bandra (W)
• Harmony Mall
• Hill View, Borivali (E) • Annex Mall
• Dheeraj Enclave (1 to 4), • Kulraj Mall (now Dreams the
Borivali (E) mall Vasai)
• Dheeraj Solitaire • Kaledonia
• Premier Residencies, Kurla • HDIL Towers
• HDIL Industrial Park

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Expression of Interest (EoI)

▪ Expression of Interest is hereby invited for the company as a whole or one or more projects individually,
the summary of which is covered in the subsequent slides.

▪ The company has been divided into 10 verticals, including last vertical comprising of residual assets after
carving out the ongoing projects (vertical 1 – 9) of the company.

▪ The interested Resolution Applicant may send an email to eoi02.hdil@gmail.com after which eligibility
criteria, timelines and further course of action shall be communicated.

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Table of Contents - Verticals
I Project Majestic Tower, Nahur*

II Project Whispering Towers, Mulund (W)*

III Project Premier, Kurla (E)*

IV Project Bhandary Galaxy, Kurla (W)*

V Project BKC Inspire, BKC*

VI Project Paradise City, Palghar

VII HDIL Tower, Bandra East

VIII Land Parcels at Vasai, Virar

IX Company as a whole excluding above projects

*Represent SRA projects

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I: Majestic Towers
▪ This property was procured by HDIL from M/s Kilburn Engineering Limited on 30th Jan
2009 and conveyance was executed in favour of SRA. Subsequent thereto, SRA has
issued LOI in favour of HDIL for the Project Majestic dated 26th September 2012.

▪ Majestic Towers comprises of 2 parts admeasuring 36,475.60 sq. mt. :Rehab component
(built up area 58,480.61 sq. mt.) + Free Sale component (built up area 80,520.87 sq.
mt.) Majestic Towers

A. Rehab Component: Consists of 4 towers with 16 wings and 2046 units Location: Nahur (W),
Tower 1: 6 wings – 816 units Mumbai
Tower 2: 4 wings – 512 units
Tower 3: 3 wings – 364 units RERA Registration No.:
Tower 4: 3 wings – 354 units P51800007283

B. Sale Component: 1 tower – 4 wings

The sale component comprises of a 40 storied project with 2, 2.5 and 3 bhk flats. The
project is registered under RERA. A total of 1016 units of which 404 have been sold
and 612 remain unsold.

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 II. Whispering Towers
▪ HDIL has taken over the development rights of the said property from M/s Bombay Oxygen
Corporation Limited on 4th Feb 2008 and conveyance was executed in favour of SRA. Subsequent
thereto, SRA has issued LOI in favour of HDIL for Project Whispering, dated 19th April 2017.

▪ Whispering Towers comprises of 2 parts admeasuring 47762.06 sq. mt.: Rehab component (built
up area 76,158.33 sq. mt.) + Free Sale component (built up area 109129.91 sq. mt.)
A. Rehab Component: SRA phase consists of 3 phases
Phase 1: 4 wings – Wings (A-G)
Whispering Towers
Phase 2: 8 wings – Wings (A-H)
Phase 3: 8 wings – Wings (A-H) Location: Mulund (W),
Rehab component comprises of a total of 2745 units of which 2664 are residential and 81 Mumbai
represent other amenities.
RERA Registration No.:
B. Sale Component: 1 tower – 7 wings – Wings A-G
The sale component comprises of a 40 storied project with 2, 2.5 and 3 bhk flats. The project Wing A,B,C,D:
P51800009742
is registered under RERA. A total of 1395 units of which 414 have been sold and 981 (964+17)
Wing E,F,G:
remain unsold. P51800007809

▪ Furthermore, an area of 11,793.66 sq. mt. has been handed over to government for constructing Land Parcel: 47,762.06
road and other amenities. sq. mtrs.

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III. Project Premier Kurla
▪ The project is situated on a piece of land for which development rights were procured by
HDIL from M/s IKG Associates on 31st March 2008 and conveyance was executed in favour
of SRA. Subsequent thereto, SRA has issued LOI in favour of HDIL for Premier Kurla on 11th
February 2016.
Premier Exotica
▪ Premier Kurla comprises of 2 parts admeasuring 2,13,967.30 sq. mt. :Rehab component
Location: Kurla (W),
(built up area 5,18,959.07 sq. mt.) + Free Sale component (built up area 1,76,221.29 sq. Mumbai
mt.)
RERA Registration No.:
A. Rehab Component: Consists of 30 rehab buildings, comprising of 18,645 tenements Premier Exotica I:
the possession of which has been taken over by SRA. P51800004431
Premier Exotica II:
B. There is an additional amenities’ including hospitals and education building whose P51800016598
possession is also taken over by SRA. NOTE: For completion of balance work of
C,D and E wings of the project a tripartite
agreement has been executed among HDIL,
C. Sale Component: The sale component consists of 3 projects JVP Constructions and Premier Exotica CDE
Wings Flat Owners Welfare Association –
Premier Residency – Construction has been completed and possession is handed over. The Customers Association. Accordingly,
the balance receivable from the flat owners
Premier Exotica - Partly completed and handed over and partly under construction will be collected by JVP Constructions
against the completion of balance
Premier Legend - Proposed. Construction not yet started. construction work.

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 IV. Bhandary Galaxy
▪ HDIL has taken over the development rights of the said property from M/s Fine
Developers on 9th July 2007 and conveyance was executed in favour of SRA. Fine
Developers is a partnership firm in which HDIL is the 90% partner. Subsequent
thereto, SRA has issued LOI in favour of HDIL for the Project dated 26th February
2009.

▪ Bhandary Galaxy comprises of 2 parts admeasuring 23,897.80 sq. mt.: Rehab

component (built up area 52,920.31 sq. mt.) + Free Sale component (built up area Bhandary Galaxy
42,670.89 sq. mt.)
A. Rehab Component: SRA phase consists of 4 towers with 16 wings Location: Kurla (E), Mumbai
Rehab component comprises of a total of 1834 residential units of and 48
represent other amenities. RERA Registration No.:

B. Sale Component: 1 tower – 6 wings Premier Exotica I:

The sale component comprises of a project with 1 and 2 bhk flats. The project is P51800004431
registered under RERA. A total of 702 units, all of which have been sold. Premier Exotica II:
P51800016598
▪ Furthermore, an area admeasuring 2,712.90 sq. mt. has been handed over to
Land Parcel: 23,897.80 sq.
government for constructing road and other amenities.
mt.

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 Summary of MIAL Projects (Rehab & Sale Units)

Sr. Project Rehab Units Sale Units

no.
Other Amenities (Society
Residential Commercial Offices / Welfare center / Total Sold Balance
Balewadi)

1 Whispering Tower 2664 0 81 1395 414 981

2 Majestic Tower 2004 0 42 1016 404 612

3 Premier Exotica 17347 737 561 727 655 72

4 Galaxy Apartment 1834 0 48 702 702 0

Total 23849 737 732 3840 2175 1665

Total 25,318 3840

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V. Inspire, BKC
▪ BKC Inspire is situated at G Block BKC, Bandra Kurla Complex, Mumbai.

▪ 4 LOI’s were issued by SRA in favour of HDIL in the year 2007.

▪ Total saleable area to be developed aggregates 12,12,171 sq. ft.

▪ Net amount paid by Budhpur Buildcon Private Limited (BPPL) to HDIL was 483 crores.

▪ BPPL has been admitted as co-developers for this project by SRA.

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 VI. Paradise City Palghar
• Paradise City is a Mega Township Project Planned on 86.9 Acres of land out of 169 Acres of Free-hold Land.
The remaining land has been sold to various developers. The project is a Mix use development (Residential &
Retail)

• The project is planned in 2 phases across 6 sectors.

• Phase 1- Consists of total 3291 Flats & 286 shops in sector 1, 2 &3
• Phase 2- Consists of total 2833 Flats & 211 shops in sector 4, 5 &6 Paradise City
Location: Palghar, Thane
• Out of total 6124 units, 4838 units are sold, and 1286 units are balance. The obligations of project are to
construct, and handover already sold units to homebuyers. Rera Registration No.
Sector 1: P99000012536
Phase Sectors Residential Commercial Grand Total Sector 2: P99000012539
1 RK 1 BHK 2 BHK 3 BHK Total Residential Units Shops Sector 3: P99000012576
Sector 1 0 163 568 0 731 731 Sector 4: P99000012735
Sector 2 1 1212 157 26 1396 1396 Sector 5: P99000012466
Phase 1 Sector 6: P99000012642
Sector 3 2 1144 18 1164 1164
Paradise City Total 3 2519 743 26 3291 (A) 286 3577 (A)
Land Parcel: 51
Sector 4 0 945 604 0 1549 1549 acres/2,06,392.27 sq. mtrs.
Sector 5 195 223 0 0 418 418
Phase 2
Sector 6 0 39 609 218 866 866
Total 195 1207 1213 218 2833 (B) 211 3044 (B)
Total 6124 (A) + (B) 497 6621 (A) + (B)
Sold Units 4838
Balance
1286
Units

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 VII. HDIL Tower
▪ HDIL tower is a 9 storied building situated at Bandra East Skywalk,
Bairam Naupada, Bandra East, Mumbai of which the following floors are
owned by HDIL:

o 1st Floor (part),

o 2nd Floor (entire),
o 5th Floor (part),
o 7th Floor (entire),
o 8th Floor (entire) and
o 9th Floor (entire)

▪ The project is free of any SRA obligation.

▪ LIC has symbolic possession of all the floors.

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VIII. Land Parcels at Vasai, Virar

Open Land Parcels owned by HDIL

S.No. Particulars Location Area (in acres)

1 Sasunavghar Virar (E) 169

2 Maljipada Virar (E) 42
3 Dongare Virar (W) 28.44
4 Bolinj Virar (W) 17.14
5 Chikal Dongare Virar (W) 07.59
Total 265.08

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IX. Land Parcel at Shahad Mharal

➢ Kalyan Shahad industrial plot is situated at Section -1 of Ulhasnagar Municipal Corporation.

➢ It admeasures 42 acres and 08 gunthas (1,70,777 sq. mt.).

➢ The land parcel is mortgaged to PMC Bank.

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X. Residual Assets: Company as a whole excluding the above projects
▪ The vertical of residual assets includes the assets that remain after carving out the previously mentioned verticals viz,
I to IX. The residual assets will form a part of the rest of the company.

▪ The list of assets appearing in the rest of the company is classified into the following 4 categories which are further
sub-categorized as below:

i. Open Land Parcels – Comprises of land parcels owned by HDIL situated at various locations being Kochi,
Hyderabad, Maval Village (Lonavala) & Mehsana.

ii. Industrial Plots - Comprises of plots owned by HDIL situated at MIDC Pawane, Turbhe & Aurangabad

iii. Financial Assets - Comprises of investment made in 5 subsidiaries being BKC Developers Private Limited,
Guruashish Construction Private Limited (under liquidation), Lashkaria Construction Private Limited, Mazda
Estates Private Limited, Priviledge Power & Infrastructure Private Limited

iv. Miscellaneous Assets – Includes but is not limited to development rights owned by HDIL as also leased assets
like multiplexes in malls, banquet hall, restaurants etc. generating revenue in the form of lease rentals.

v. Development Rights – Comprises of development rights in respect of redevelopment of properties of MHADA

societies in SVP Nagar and various other independent properties like Bandra, Dadar, Worli and rights in the
form of share in Joint Venture (JV).

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List of Creditors as on 13.09.2021

Figures in Rupees Crores

Amount
Sr. No. Category of Creditor Amount Claimed
Admitted
1 Financial Creditors 21,771 6,896
2 Home Buyers 1,620 876
3 Operational Creditors
a) Employees 12 12
b) Other Operational Creditors (incl. Claims filed by 1,983 774
Statutory Authorities)
4 Other Claimants 619 180
TOTAL 26,004 8,737

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Mr. Abhay Narayan Manudhane
Resolution Professional
Email Id : eoi02.hdil@gmail.com

Thank You...
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