Hiranandani Invests Rs 3,200 Crore to Redevelop 5 Chembur Societies

13 Sep 2024 CW Team

House of Hiranandani has signed two agreements to redevelop five housing societies across 15 acres in Chembur, Mumbai, with an investment of over Rs 3,200 crore. These projects are expected to unlock over 1.7 million sq ft of development potential and have a gross development value exceeding Rs 5,000 crore.

The redevelopment includes Maitri Park in Chembur East (9 acres) and Shrinagar Society in Chembur West (6 acres). The developer is securing approvals and aims to complete the projects in 4-5 years.

"We aim to transform older areas with improved infrastructure," said Surendra Hiranandani, CMD of House of Hiranandani. The company is also exploring more redevelopment opportunities in South and Central Mumbai.

House of Hiranandani is focusing on both residential society redevelopment and slum rehabilitation. Their first redevelopment project in Kandivali will be completed in 2025. The state government's stamp duty relief has also encouraged the redevelopment of aging buildings in Mumbai and other cities.

The developer has previously delivered 25,375 homes and developed over 45.82 million sq ft across residential and commercial projects.

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