Final Fantasy 7 HD, or any Final Fantasy 7 remake for that matter, won't be developed anytime soon. Square Enix CEO, Yoichi Wada, detailed the specific conditions needed for him to allow the production of a remastered FF7. Square will only make a Final Fantasy 7 remake once they've made a FF game that has surpassed the quality of the original Final Fantasy 7. That's a pretty tall order to fill.
I'm not the biggest Final Fantasy fan but I can't help but feel like that statement belittles all the subsequent FF games. There's been quite a few FF games since FF7, seems odd to diss them, especially since FF13-2 has only been out for a few months and FF Versus 13 has been MIA for years.
Do you think we'll ever see a Final Fantasy 7 remake?