House of Hiranandani Plans to Invest Rs 32 Billion for Redevelopment in Mumbai
Realty firm House of Hiranandani has announced its plans to invest a whopping Rs 32 billion for the redevelopment of five housing societies in Mumbai. The company, which operates in various regions including Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, and Chennai, has also signed additional redevelopment projects with a Gross Development Value (GDV) of Rs 50 billion, encompassing 17 lakh sq ft.
Registered Development Agreements Secured with Major Housing Societies
House of Hiranandani has entered into registered development agreements with five major housing societies located in the Chembur area of Mumbai. The redevelopment projects consist of Maitri Park in Chembur East and Shrinagar Society in Chembur West.
Maitri Park spans approximately 9 acres, while the Shrinagar Society comprises a cluster of four societies over around six acres. These projects are expected to benefit a total of 459 tenants.
Redevelopment Aimed at Addressing Space Challenges and Improving Infrastructure
Given the limited space for expansion in Mumbai and the prevalence of aging and dilapidated buildings, the redevelopment of established societies presents a new opportunity for House of Hiranandani. The Chairman and Managing Director, Surendra Hiranandani, highlighted the significance of these projects in addressing the space constraints and transforming congested areas into well-planned and sustainable communities.
The renovation process will include the creation of world-class infrastructure and the enhancement of amenities to make these areas more livable and efficient. House of Hiranandani aims to complete the ambitious redevelopment within the next 4-5 years, subject to the necessary approvals.
Company Background and Previous Projects
Apart from these residential redevelopment endeavors, House of Hiranandani has an extensive track record in constructing commercial spaces. With over 12 million square feet of commercial developments under its belt, the company has established itself as a major player in the real estate sector.
To date, House of Hiranandani has successfully delivered 25,375 homes and developed 45.82 million square feet of residential and commercial real estate. Its commitment to creating high-quality living and working spaces reflects its unwavering dedication to its customers and stakeholders.
The Future of Redevelopment in Mumbai
The decision by House of Hiranandani to invest such a substantial amount in Mumbai’s redevelopment highlights the immense potential that lies within this city’s obsolete buildings. With the scarcity of available land, repurposing and transforming old structures offers a sustainable solution to unlock their hidden value.
As Mumbai continues to grow and face the challenge of accommodating a booming population, the redevelopment trend is expected to pick up pace. Many real estate firms are likely to follow suit and venture into similar projects to contribute to the city’s urban renewal and development.
A Promising Outlook
The announcement of House of Hiranandani’s investment and redevelopment projects in Mumbai is a promising development for the city’s real estate sector. It not only signifies the confidence and commitment of major players in transforming Mumbai’s infrastructure but also paves the way for a brighter and more sustainable urban landscape.
As the next 4-5 years unfold, the completion of these redevelopment projects in Chembur is projected to herald a significant transformation in the city’s housing scenario. Through innovative approaches and a focus on creating livable communities, House of Hiranandani is playing a pivotal role in reshaping Mumbai’s urban fabric.
