Fitch rates Housing Development and Infrastructure debt F1(ind)

Fitch Ratings said it assigned a national rating of F1(ind) to Housing Development and Infrastructure Ltd.'s Rs.1500 million short-term debt program.

The rating takes into account the company's experience in real estate development in the Mumbai metropolitan region with significant expertise in slum rehabilitation projects, providing it access to low cost land and proven execution capabilities, Fitch said.

The company's operations have fairly low geographical diversification, with more than 83% of planned and ongoing projects located in the Mumbai region, the agency said. Its large-scale slum rehabilitation projects also increase social, legal and regulatory risks, which could affect the timing of cash flow from these projects, the agency added.

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