D-Mart's Radhakishan Damani buys 8.8-acre mixed use plot from CCI

D-Mart founder Radhakishan Damani has bought an 8.8-acre parcel close to Sanjay Gandhi National Park from CCI Projects for over Rs 500 crore, two people aware of the development said. CCI Projects, an associate company of Cable Corporation of India, was earlier looking to develop this land on its own. It will now use funds from this sale to pay the Rs 360 crore it owes Indiabulls Housing Finance, the persons cited earlier said, requesting not to be named. The land is part of 22 acres owned by Cable Corporation of India, which had mortgaged the entire plot to Indiabulls Housing Finance for a residential-led mixed-use project. The funds remaining after payment to Indiabulls Housing Finance will be used to complete the proposed project, sources said. Email queries sent to Cable Corporation, Damani and Indiabulls Housing remained unanswered.