House of Hiranandani to invest Rs 12,500 cr on Mumbai greenfield projects, acquisitions
House of Hiranandani is looking to invest over Rs 12,500 crore to strengthen its development portfolio by around 10 million sq ft through a blend of acquisitions and greenfield projects to deepen its presence in Mumbai Metropolitan Region (MMR) in the next two years, said top officials of the company.
With a luxury residential development pipeline of over 7.3 million sq ft, the company is aiming to capitalise on the region’s infrastructure growth backed by government initiatives coupled with rising demand for premium residential and commercial properties.
The investment will flow into greenfield residential projects spread over 4.7 million sq ft and redevelopment projects of 2.6 million sq ft across various locations in the Mumbai region.
“We are more of a design and engineering firm than just a realty developer. Mumbai’s infrastructure development and growing demand for premium spaces presents a significant opportunity for us in the region. We will be financing our portfolio strengthening over the next two years through equity and internal accruals as we are well capitalised for now,” Surendra Hiranandani, CMD, House of Hiranandani, told ET.
The biggest of these projects include an integrated development of a 25-acre land parcel in Hiranandani Estate, Thane. It is currently developing premium luxury projects in Kandivali and Panch Pakhadi, Thane, apart from a 350-acre township in Thane.
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