Eleva by Hiranandani is entering Goa’s residential real estate market through partnerships with regional developers for two projects with a combined value of Rs. 4.5 bn. The developments will include premium apartments and villas aimed at buyers seeking second homes and coastal lifestyle properties.

Under the partnerships, Eleva by Hiranandani will provide project management consultancy services for developments spread across a 5-acre land parcel. The projects are expected to add around 0.25 mn sq ft of development and will comprise residential apartments and premium villas.

The company will provide consultancy services to Azul Amor LLP for Aria Residency and to Shree Yagna Builders and Developers for Cloud Infinity Premium Villas. Both projects are registered under the Real Estate (Regulation and Development) Act, according to the company.

The regional developers have appointed The Guardians Real Estate Advisory to manage sales and marketing for the developments. The arrangement enables Eleva by Hiranandani to enter the Goa market through partnerships with local developers rather than directly acquiring and developing land.

Hiranandani Communities CMD Niranjan Hiranandani said Goa was developing as a year-round residential and coastal lifestyle destination, supported by improved connectivity, hybrid working and demand for branded housing. He said the partnership-led model would allow the group to extend its project management expertise to new markets.

The company said demand from high-net-worth individuals, non-resident Indians and second-home buyers was supporting the evolution of Goa’s residential property market. It also highlighted the operationalisation of Manohar International Airport at Mopa and the ongoing upgrade of the Mumbai-Goa National Highway as factors improving the state’s accessibility.