Hiranandani Group plans to invest 2,000 Crore on new Housing Project in Mumbai

Real estate developer Hiranandani Group will invest Rs 2,000 crore to build the first phase of its luxury housing project at Powai in Mumbai, which will have 330 units. Within the first week of the project's launch, 150 units have already been sold for Rs 1,100 crore. The "Hiranandani Garden" township in Powai is home to the new housing development "Empress Hill," according to the Hiranandani Group. The company will gradually develop a total area of 5 lakh square feet. On October 8, the company introduced a 3.3 lakh square foot area with 330 units spread across three residential towers as the first phase. According to the company, the first phase's construction will cost a total of about Rs 2,000 crore. Within the first week of the project's launch, The Hiranandani Group reported selling 150 units.

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 are 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.