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History of Housing Development and Infrastructure Ltd.

We are part of Wadhawan Group, which was founded by late Mr. Dewan Kuldip Singh Wadhawan in 1973. The Wadhawan Group was founded for purpose of land aggregation, land management, land development & construction of residential, commercial & retail units, townships & infrastructure. Initially, the Wadhawan Group was also involved in the marketing of residential, commercial & industrial plots. In 1973 the first residential building named 'Kapil Kunj' at Vasai was completed by Wadhawan Group. In 1978, all the projects of Wadhawan Group came under the brand name of 'Dheeraj.'

As of December 31, 2006, the Wadhawan Group has developed [including our developmentss] approximately 72.8 million square feet of saleable area and, additionally, has constructed approximately 5.5 million square feet of rehabilitation area under slum rehabilitation schemes.

Our Comp. was incorporated on July 25, 1996 as Housing Development & Improvement India Private Limited, with the objective of developing large-scale real estate projects including residential, commercial & retail projects such as shopping malls, multiplexes & integrated townships & partnering in development of public infrastructure.

Since our incorporation in 1996, we have developed & constructed 23 projects covering approximately 11.0 million square feet of saleable area, including approximately 5.7 million square feet of land sold to other builders after Land Development, all in the Mumbai Metropolitan Region. We also have constructed an additional 2.0 million square feet of rehabilitation area under slum rehabilitation schemes.

Key Events & Milestones

Year Month Key Events, Milestones & Achievements

2001 January 'The Mall' project in Malad, Mumbai built by our subsidiary, Privilege Power and Infrastructure Private Limited [earlier known as Dewan Investments Private Limiteds] 2004 March Purchase of 30 acres of land from Automobile Products India Limited on LBS Marg, Near Bhandup Station, Mumbai for our 'Dreams' Project. 2005 January 548 units in 'Dreams' project on LBS Marg, Near Bhandup Station, Mumbai sold on the first day of opening of booking 2005 March Completion of 'Dheeraj Arma' comprising commercial premises in Bandra [Easts], Mumbai 2005 May Sale of FSI measuring 0.5 million sq. feet at Bandra Kurla Complex, Mumbai to Wadhwa Constructions. 2005 May Sale of FSI measuring 0.7 million sq. feet at Mulund, Mumbai to Nirmal Lifestyles. 2005 August Sale of FSI measuring 10.7 million sq. feet at Virar to Evershine Developers. 2006 April Receipt of in-principal approval by our subsidiary Privilege Power and Infrastructure Private Limited from the Government of India for establishing a multi-product Special Economic Zone at Vasai, District Thane, Maharashtra 2006 May MoU with the Adani Group for sale of rights in land measuring 1.7 million sq. feet at Bandra Kurla Complex, Mumbai 2006 November Receipt of in-principle approval by us from the Government of India for establishing a Special Economic Zone for multi service sector at Vasai, District Thane, Maharashtra

2007

-Housing Development and Infrastructure Ltd [HDILs] has entered into an MOU for purchase of 8.32 acres of property belonging to Kilburn Engineering Ltd situated at Bhandup for a total consideration of Rs 124,70,00,000.

2008

-The Comp. has issued Bonus Shares in the Ratio of 2:7.