bangaloremumbai mumbaibased developer godrej properties has suspended talks with the promoters of housing development and infrastructure hdil for buying a 14acre plot in bangalore due to pending regulatory approvals three persons familiar with the matter told et the company was ready to pay up to rs 105 crore for the plot located off sarjapur road raising its earlier offer by rs 7 crore provided hdil obtained all clearances including the commencement certificate from the civic authorities godrej was in advanced talks with hdils promoters but decided not to pursue it as there were title issues the land did not have all the clearances in place said one of the persons who did not wish to be named godrej properties in response to etsquery stated at any point of time there are several business opportunities that are being considered and evaluated it is only when some of these fructify that we move ahead and complete the transaction and subsequently inform the regulatory authorities and stakeholders as a matter of policy we only comment on such fructified deals an email sent to hdil promoters remained unanswered over the past few quarters hdil has stepped up efforts to reduce its debt by 2530 in the current fiscal by offloading land parcels among other means the mumbaibased developer is eyeing more than rs 500 crore through sale of its land parcels in hyderabad and kochi in the past year the company has monetised land parcels and floor space index fsi worth over rs 1500 crore however the 14acre plot in bangalore is owned by the promoters not the company godrej properties which recently entered into an agreement with actor fardeen khan and his sister laila to jointly develop a luxury villa project on the outskirts of bangalore is betting big on the city it is in the process of launching five projects totalling 4 million sq ft over the next few months godrej recently created a rs 770core residential development fund led by global pension fund apg and sparinvest property investors the money will be mainly used for residential development across bangalore mumbai and the national capital region