Hiranandani to invest Rs 32 Bn to redevelop housing societies

17 Sep 2024 CW Team

Realty firm House of Hiranandani reportedly plans to invest Rs 32 billion to redevelop five housing societies in Mumbai. The company, which operates in the Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, and Chennai, is said to have also signed additional redevelopment projects totalling 17 lakh sq ft with a Gross Development Value (GDV) of Rs 50 billion.

According to a statement from House of Hiranandani, the firm has entered into registered development agreements with five major housing societies in Chembur and intends to invest Rs 32 billion. The redevelopment projects include Maitri Park in Chembur East, which spans approximately 9 acres, and Shrinagar Society in Chembur West, a cluster of four societies covering about six acres. The company noted that these projects involve 459 tenants.

The firm is currently in the process of securing the necessary approvals and aims to complete the redevelopment within the next 4-5 years. Surendra Hiranandani, Chairman and Managing Director of House of Hiranandani, stated that the redevelopment of established societies represents a new opportunity for the company. He pointed out that Mumbai has limited space for expansion, and many older areas are filled with dilapidated buildings and inadequate infrastructure.

Hiranandani emphasised that, given the scarcity of space, redeveloping these buildings is a viable solution to unlock their potential, create world-class infrastructure and amenities, and transform congested areas into planned, sustainable, and livable communities.

In addition to residential projects, House of Hiranandani has constructed over 12 million square feet of commercial space. To date, the company has delivered 25,375 homes and developed 45.82 million square feet of residential and commercial real estate

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