The House of Hiranandani plans to invest an extensive amount of Rs 12,500 crore in many new projects, mostly in the Mumbai metropolitan area. The real estate giant expects to increase its market share with these projects, which will comprise both upscale residential and commercial constructions.
House of Hiranandani's founder, Surendra Hiranandani, stated that the company aims to generate Rs 19,000 crore from its latest investment phase. "The company's projects are designed to tap into the strong demand dynamics and ongoing infrastructure growth in the region, driving overall expansion in the real estate sector," he said in an interview with Moneycontrol. "Of our Rs 12,500 crore investment, we are expecting a projected revenue of Rs 19,000 crore, with a significant contribution coming from multiple projects across the Mumbai Metropolitan Region (MMR)," said the CEO.
Surendra and his brother, Hiranandani Group founder Niranjan Hiranandani, finalized separating the group's companies, real estate holdings, and other assets in 2022. Under the Hiranandani Communities brand, Niranjan still oversees residential real estate, but Surendra is now in charge of the House of Hiranandani (HoH).
The Hiranandani Westgate project in Thane is one of the primary highlights in HoH's recent collection. The first phase of this project, which is located on Ghodbunder Road next to the large Hiranandani Estate development, is costing the company over Rs 3,200 crore. According to Surendra, the Westgate project's initial phase is expected to bring in about Rs 4,300 crore. Thirty percent of the merchandise has already been sold since the project's December launch.
The House of Hiranandani is getting ready to enter the redevelopment market in addition to growing its presence in the Mumbai area. In addition to the opportunities presented by new development control regulations and the growing demand for upscale homes, this action is a reaction to the scarcity of land in the city and suburbs. According to Surendra, the company is in final negotiations for reconstruction initiatives in important locations including Borivali, South Mumbai, and other metropolitan micro markets.
The company is also working on luxury home projects in Thane's Kalyan, Kandivali, and Panchpakhadi neighborhoods, as well as two sizable society launches in Chembur. The House of Hiranandani is also trying to expand its commercial line of business. The company intends to construct over 2.5 million square feet of commercial space in Thane and recently delivered roughly six lakh square feet of commercial space in Chandivali. They also intend to build a high-end hotel at their Westgate project in Thane.
House of Hiranandani's strategic investments showcase the company's dedication to strengthening its position in Mumbai's competitive real estate market as it continues to diversify and grow.