Real estate firm House of Hiranandani has announced that it will invest ₹12,500 crore to deepen its presence in Mumbai Metropolitan Region (MMR) over the next two years.
The company said that it will develop five projects in MMR with an investment of ₹12,500 crore. The investments, to be met through equity and internal accruals, will be made in the total development of these five projects including land acquisition, construction, and other costs, the company said in a statement on October 29.
With luxury development of over 7.3 million square feet, House of Hiranandani aims to capitalise on the region’s infrastructure growth, coupled with the rising demand for premium residential and commercial properties, it said.
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The company’s expansion plans for MMR include an integrated development of a 25-acre land parcel in Hiranandani Estate, Thane. It is already developing some premium luxury towers such as ‘Castalia’, located in Kandivali, ‘Belicia’ in Panch Pakhadi, Thane, and a 350-acre township in Thane to name a few, it said.
The company has also identified redevelopment opportunities in the MMR region, including a 15-acre project in Chembur consisting of Maitri Park and Shrinagar, and other land parcels in western suburbs. It is currently in advanced discussion for redevelopment projects in South Mumbai, with other key micro-markets within the city also under consideration, it said in a statement.
Commercial portfolio
In addition to housing, the company is expanding its commercial portfolio in Mumbai and Thane. It currently manages 4.5 million square feet of commercial space with an additional 2.5 million square feet under construction, expected to be completed within the next six months, further positioning itself as a significant player in the MMR’s commercial real estate market, it said.
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“Mumbai’s infrastructure development and growing demand for world-class spaces presents a tremendous opportunity for us in MMR. With this investment we are set to redefine the MMR realty market through our meticulously designed and planned luxury projects,” said Surendra Hiranandani, chairman and managing director of the company.
“Mumbai’s real estate market is evolving and we have been witnessing high demand for premium developments and state-of-the art commercial spaces in MMR. Our goal is to establish new benchmarks in the industry. This strategic step in our journey will create developments that speak to the aspirations of the present day homebuyers and businesses alike,” said Harsh Hiranandani, a director in the company.
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In the residential segment, the company will continue to develop luxury projects, the company’s statement said.
The company has so far developed 45.82 million square feet area and 26,399 homes.
