Hiranandani Group to invest Rs 2,000 cr on new housing project in Mumbai

New Delhi: Realty firm Hiranandani Group will invest Rs 2,000 crore to develop the first phase of its luxury housing project comprising 330 units at Powai in Mumbai and has already sold 150 units for Rs 1,100 crore within the first week of launch.

In a statement on Monday, Hiranandani Group said it has launched a new housing project 'Empress Hill' at 'Hiranandani Garden' township in Powai. The company will develop a total of 5 lakh square feet area in phases.

In the first phase, the company on October 8 launched 3.3 lakh square feet area comprising 330 units across three residential towers.

The total construction cost to develop the first phase is estimated at around Rs 2,000 crore, the company said.

Hiranandani Group said it has already sold 150 units, worth Rs 1,100 crore, within the first week of the launch of this project.

The average size of apartments ranges from 1,100 square feet to 1,600 square feet and the price range is Rs 6 crore to Rs 10 crore.

"The COVID pandemic quandary and geo-economic vagaries have fuelled the demand for ownership housing," said Niranjan Hiranandani, Founder & MD, Hiranandani Group.

"Additionally, significant factors like a rise in disposable income, the capitalization of alternative income avenues, new hirings, an enticing capital market, a strong desire for spacious, lavish homes, and the buoyancy in luxury home sales demonstrate a growing appetite from affluent homebuyers," he added.

In Hiranandani Gardens township at Powai, Hiranandani Group has developed 83 lakh square feet of residential space and 6 lakh square feet is under development. It also developed 45 lakh sq ft of commercial space.

Overall, the Group has constructed and delivered about 48 million square feet of real estate, including 35 million square feet for residential properties and nearly 14 million square feet for commercial and retail properties in Powai, Panvel, Thane, Chennai, Ahmedabad, and Pune.

Mumbai-based Hiranandani Group is one of the leading real estate developers in the country.