[GAGA REALTY] [JOINT VENTURE] [GAGA HOMES]
Developer House of Hiranandani has entered two separate agreements to undertake redevelopment of five housing societies spread over 15 acres in Mumbai’s Chembur suburb with an investment of over Rs 3,200 crore.These projects hold development potential of over 1.7 million sq ft and are estimated to have gross development value of over Rs 5,000 crore.The redevelopment of these five housing societies includes redevelopment of Maitri Park spread over around nine acres in Chembur east and Shrinagar Society, a cluster of four societies measuring around six acres in Chembur west.“The older localities of Mumbai have a lot of old and dilapidated buildings with insufficient infrastructure. Redevelopment at established locations is a new opportunity we would like to explore. This can help unlock potential, improve infrastructure, and transform these areas into planned, livable communities,” Surendra Hiranandani, CMD, House of Hiranandani, told ET.The company, known for its neoclassical style buildings, is currently in the process of securing approvals from the government authorities for the projects. It expects to complete and deliver both the projects over the next 4-5 years.While the talks with residents of these housing societies to secure development rights were on for some time, the company concluded and registered the agreements now.“In addition to Chembur, we are also aggressively exploring other key micro markets including south and central Mumbai for more of such redevelopment projects,” Hiranandani added.House of Hiranandani has developed separate business verticals to focus both on residential society redevelopment and on slum rehabilitation projects. The developer’s maiden redevelopment project in Mumbai’s Kandivali suburb is nearing completion in 2025.Real estate projects involving the redevelopment of old housing societies and rehabilitation are the mainstay of the Mumbai region’s property market, as the land-starved city and its peripheral areas have few vacant land parcels.Last year, the government of Maharashtra said that a member of a housing society that undergoes redevelopment need not pay stamp duty on the allotted permanent accommodation as part of the project.Following this, the member of the housing society undergoing redevelopment is expected to pay only Rs 100 as stamp duty, while the principal agreement between the development and the housing society will be charged as per the conveyance.The state government’s decision and ongoing buoyancy in the property has been playing a key role in pushing the redevelopment of many old and dilapidated housing societies across key cities in the state.The Mumbai-based House of Hiranandani group’s portfolio includes projects in Mumbai, Thane, Chennai, Bengaluru, and Hyderabad.Along with residential, House of Hiranandani has also constructed over 12 million sq ft in the commercial segment. So far, the company has delivered 25,375 homes, developed 45.82 million sq ft of both residential and commercial spaces.
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