Hubtown Ltd is likely to exit from a realty project at Prabhadevi in central Mumbai.
The company holds 50 per cent stake in the project and is planning to move out of it completely. It plans to offload its stake to another real estate developer that can execute the project. However, the stake sale depends on valuation since the developer, which has a consolidated debt of Rs 1,850 crore by March-end, will use the funds to repay some of its debt.
The 5.3-acre land parcel in Prabhadevi has a total development potential of 2 million sq ft and Hubtown is still awaiting some approvals to build an over 60-storey five-star hotel on the plot located near Siddhivinayak temple.