Real estate firm Housing Development & Infrastructure Ltd (HDIL.BO: Quote, Profile, Research) has set a strong development target of 10-12 million square feet for 2008/09, despite a slowdown in demand, its chief said on Monday.
This will include 4-5 residential or commercial projects and part of the Mumbai airport slum rehabilitation project, under the first phase of which HDIL is developing 15 million sq ft in the Mumbai suburbs in two years.
“Demand is continuing. There has been a sort of correction, but Mumbai has a land supply constraint, so the company is insulated to a certain extent,” Managing Director Sarang Wadhawan told reporters after a shareholder meeting.
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