Mumbai, Feb. 21: Housing Development and Infrastructure Ltd (HDIL) today said it had sold the development rights of its project, named Kaledonia, in the western Mumbai suburb of Andheri to Mack Star Marketing Private Limited for Rs 900 crore.

Under a Maharashtra government scheme, HDIL had resettled slum-dwellers living on an Andheri land.

In return, the company got, or earned a right over, part of the land — five lakh square feet — that was turned into a commercial complex.

HDIL has now transferred, or “sold”, this right to Mack Star, which is expected to earn revenues by leasing the commercial space.

An analyst said HDIL sold the land at close to Rs 20,000 per square feet, which was on the upper side of the price band. The HDIL scrip was up Rs 5.85 to Rs 824.95 at the end of trade on the BSE.