[GAGA REALTY] [JOINT VENTURE] [GAGA HOMES]
Surendra Hiranandani led 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.The company has also identified redevelopment project opportunities in the Mumbai region, including a 15-acre project consisting of two large housing societies in Chembur suburb and is planning to start these in the current financial year, and other land parcels in western suburbs.“Apart from already secured redevelopment projects, we are currently in advanced discussion for similar projects in South Mumbai along with other key micro-markets within the city. We have already set up a new vertical for the redevelopment segment, which is the mainstay of Mumbai property market,” said Harsh Hiranandani, director, House of Hiranandani, who has been leading the company’s new ventures since 2016.In addition to residential projects, the company is also growing its commercial portfolio in Mumbai and Thane. Currently managing 4.5 million sq ft of commercial space, it has another 2.5 million sq ft under construction, slated for completion within the next six months, adding significant strength to its presence in the MMR’s commercial real estate market.“Mumbai’s real estate market is evolving well supported by improvement in connectivity and infrastructure boost. We have been witnessing high demand for premium developments and state-of-the art commercial spaces in MMR. Our 40-year track record of delivery and process-driven approach will certainly help us establish new benchmarks in the industry,” Surendra Hiranandani added.The company’s current development portfolio spans across Mumbai, Thane, Chennai, Bengaluru, and Hyderabad. It has so far developed 45.82 million sq ft area and has delivered over 26,400 homes in key projects including Mumbai’s Powai, Thane and south India.The total development includes commercial development of over 12 million sq ft of office spaces for small-scale entrepreneurs and large corporate entities including Tata Consultancy Services.Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award.
Source link
