Infrastructure giant Hindustan Construction Company (HCC) finalizes the sale of a substantial land parcel in Panvel, Mumbai, for INR 95 crore as part of its debt resolution plan. Explore the details of this strategic asset monetization move and its impact on HCC’s financial landscape.
Strategic Land Sale by HCC
Hindustan Construction Company (HCC), a key player in the infrastructure sector, successfully concluded the sale of a significant land parcel in Panvel near Mumbai. The 2.35 lakh sq mtrs land was sold to Oak & Stone Construction Pvt Ltd for a substantial amount of INR 95 crore.
Board Resolution for Asset Monetization
The decision to sell the land was formalized through a board resolution by HCC on November 9, aligning with the company’s strategic approach to debt resolution through asset monetization. The move is part of HCC’s broader financial restructuring strategy.
Details of the Transaction
The land parcel, situated in Karnala village, Panvel, Raigad district, underwent registration on December 4. According to the registration documents accessed by real estate data analytics firm CRE Matrix, the stamp duty for the transaction amounted to INR 5.70 crore.
Industry Landscape: Major Land Deals
This transaction adds to a series of significant land deals in the Indian real estate sector. Bombay Dyeing and Manufacturing Company Limited (BDMC) previously announced a major deal in October, involving the sale of a 22-acre land parcel in the Worli area of Mumbai for INR 4,675 crore.