Realty firm House of Hiranandani will invest Rs 3,200 crore to redevelop five housing societies in Mumbai.
The institution conducts its activities within the confines of the Mumbai Metropolitan Region (MMR). In addition to the urban centers of Bengaluru, Hyderabad, and Chennai. The organization has announced the execution of supplementary redevelopment initiatives encompassing an area of 17 lakh square feet. With a Gross Development Value (GDV) amounting to Rs 5,000 crore.
“The company has entered into registered development agreements with five major housing societies in Chembur and plans to invest Rs 3,200 crore. House of Hiranandani said in a statement.
These five housing societies in Chembur comprising 459 tenants include redevelopment of Maitri Park in Chembur East. Admeasuring about 9 acres and Shrinagar Society in Chembur West, a cluster of four societies admeasuring about six acres.
The corporation has articulated that it is currently engaged in the acquisition of requisite authorizations and intends to finalize the redevelopment endeavor within the ensuing 4-5 years.
Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani said, “Redevelopment of established societies is a new opportunity that House of Hiranandani would like to explore. Today, Mumbai city has no space for expansion. The older regions of Mumbai are full of old and dilapidated buildings with insufficient infrastructure.
Considering the scarcity of space, redevelopment of these buildings is an ideal solution that can unlock the potential of these spaces. Create world class infrastructure and amenities for the residents. And also transform the clogged spaces into planned sustainable and liveable communities,” he said.
House of Hiranandani has an experience of over four decades in the real estate industry.
Along with residential, House of Hiranandani has also constructed over 12 mn square feet of area in the commercial sector.
Till date, House of Hiranandani has delivered 25,375 homes and developed 45.82 million square feet of residential and commercial real estate.
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