House of Hiranandani to Redevelop Five Housing Societies Worth Over Rs 3,200 Crore
House of Hiranandani, a renowned real estate developer, has recently signed two agreements to redevelop five housing societies spanning 15 acres in Chembur, Mumbai. This ambitious redevelopment project involves an enormous investment of over Rs 3,200 crore. With an estimated potential of 1.7 million sq ft, these projects are expected to have a gross development value exceeding Rs 5,000 crore.
The sites set to undergo redevelopment include Maitri Park in Chembur East, stretching across 9 acres, and Shrinagar Society in Chembur West, spreading across 6 acres.
Transformation through Improved Infrastructure
By venturing into the redevelopment of older areas, House of Hiranandani aims to bring about a positive transformation with enhanced infrastructure. Their commitment to improving Mumbai’s real estate landscape is illustrated by the sheer magnitude of this redevelopment endeavor.
Speaking on the matter, Surendra Hiranandani, Chairman and Managing Director of House of Hiranandani, said, “We aim to transform older areas with improved infrastructure.”
Securing Approvals and Project Completion Timeline
As of now, House of Hiranandani is in the process of securing the necessary approvals to commence these prestigious redevelopment projects. The company sets the bar high by intending to complete all the projects within a period of 4-5 years.
Expansion Plans and Future Prospects
In addition to the ongoing development in Chembur, House of Hiranandani is actively exploring more opportunities for redevelopment in other crucial locations across South and Central Mumbai. These expansion plans signify their dedication to contributing to the growth and modernization of these prime areas.
Residential Society Redevelopment and Slum Rehabilitation
Adhering to their commitment towards community development, House of Hiranandani focuses not only on residential society redevelopment but also on slum rehabilitation. Through these initiatives, the company aims to provide modern and sustainable housing options for different segments of society.
Their first redevelopment project in Kandivali is already underway and is scheduled to be completed by 2025, demonstrating the developer’s competency and adherence to meeting project timelines.
Aiding Redevelopment with Stamp Duty Relief
To further encourage the rehabilitation and redevelopment of aging buildings in Mumbai and other cities, the state government’s stamp duty relief has played a significant role. Such initiatives create a favorable environment for developers like House of Hiranandani to undertake and execute ambitious projects while contributing to the overall infrastructural development of the nation.
An Impressive Track Record
With a track record boasting the successful delivery of 25,375 residences and developing over 45.82 million sq ft across residential and commercial projects, House of Hiranandani has firmly established itself as a leading player in the real estate sector.
As the company progresses with this multifaceted undertaking, residents can look forward to witnessing the transformation of their existing housing societies and the ushering in of modern, sustainable communities in Chembur, thereby setting a new standard for holistic development in Mumbai.
