The project, which is situated in its Hiranandani Fortune City mixed-use integrated township, is set to be inaugurated this week and is anticipated to be finished in three years.

According to a person familiar with the development plan, the company will invest Rs 1,000 crore through internal accruals and construction financing to meet the rising demand for luxury homes in the Panvel real estate market.

The cost of the land, which was purchased in the early 2000s, is not included in the investment amount.

The 1-, 2-, and 3-BHK apartments make up the one million square foot residential project "Golden Willow," which has been registered with RERA. The RERA carpet area of the apartments vary in size from 490 to 1,150 square feet.

To suit purchasers' skewed tastes for holistic and wellness-infused living, the new sector will offer a variety of recreational and leisure services.

In order to meet the increased demand for branded luxury houses following the Covid ruling, Niranjan Hiranandani, CMD of Hiranandani Communities, thinks that the company should develop a new residential sector to take advantage of the market's dynamism.

Hiranandani According to him, Fortune City-Panvel has already completed more than 2,200 residences totaling 2.5 million square feet of residential and commercial space, including Asia's largest Yotta NM1 data centre.

"With the commissioning of huge infrastructural projects, the Panvel real estate market is currently blossoming as a new economic centre," he continued. The increase in the index of home values in the north has already resulted from this.

To take advantage of the new growth potential, numerous other branded and organised developers are also moving into the area.

Mumbai NXT is a suitable name for the Panvel-Karjat area, which redefines the location's value proposition and improves its connectivity to Mumbai.

Unprecedented real estate expansion will result from the combined advantages of the JNPT seaport and the NaviMumbai international airport, as well as the MTHL, coastal roads, metro rail, multi- modal corridor, and water transport. This last-mile connectivity has made suburbanization noticeable, along with the speeding up of business expansion and urban migration.

With the presence of numerous well-known enterprises, blue-chip firms, and real estate developers, Panvel is a thriving area.

The Panvel real estate market is flourishing with social amenities, educational campuses, R&D facilities, BFSI & IT offices, and tourism attractions, making it a perfect choice for purchasers in the MMR.

Upon completion of the Panvel-Karjat rail track, the two railway stations, Mohape and Chowk, close to the Hiranandani Fortune City development, would be open to the public.