Hiranandani Group to invest Rs 1,000 crore to develop new housing project in Mumbai

New Delhi: Realty firm Hiranandani Communities will invest Rs 1,000 crore to develop a new housing project in Mumbai to tap rising demand.

The company has launched a new housing project -- 'Golden Willow' -- in its mixed-use integrated township 'Hiranandani Fortune City' at Panvel.

The company plans to develop 1 million square feet of residential space in this project, comprising around 700 units. The apartment size ranges between 490 sq ft to 1,150 sq ft of carpet area.

The company will invest Rs 1,000 crore to tap the growing mid and luxury home demand in Panvel realty market, Hiranandani Communities said in a statement on Thursday.

The project will be funded from construction finance and internal accruals. The ticket size ranges from Rs 70 lakh to over Rs 2 crore.

Niranjan Hiranandani- CMD- Hiranandani Communities, said, "the launch of this new residential sector is in alignment with the market buoyancy as the company seeks to capture strong demand for branded luxury homes post-COVID." In Hiranandani Fortune City, the company has already delivered 2200+ homes across 2.5 million square feet of residential space and 2 million square feet of commercial space, housing Asia's largest Yotta NM1 data center.

He further said that “The Panvel realty market is currently booming as a new economic node with the commissioning of mega infrastructure projects. This has already led to the increase in property prices index northwards." The region is also witnessing the foray of many organised and branded developers to capitalise the new growth opportunities, Hiranandani said.

The Group has developed many mixed used integrated township across geographies like Powai, Thane, Panvel, Oragadam (Chennai).

The group has strategically forayed into emerging real estate asset classes like industrial and logistics parks, data centre that marks its pan-India presence. Currently, the group is also actively evaluating redevelopment projects in Mumbai and MMR (Mumbai Metropolitan Region) markets.