Housing Development & Infrastructure Ltd (HDIL), a part of the Wadhawan group, has entered in to a joint venture with Mumbai Metropolitan Region Development Authority (MMRDA) for development of 525 acre of land under Rental housing scheme at Virar.

Under the arrangement, HDIL will develop approximately 13 million sq ft for rental space and hand it over to MMRDA free of cost. While, the remaining approximately 39 million of sq ft space will be available to the company for free sale.

The shares of HDIL closed today at Rs 306 on BSE, marginally down compared to previous close of Rs 307.