House of Hiranandani said on Tuesday that it will invest Rs 12,500 crore over the next two years to construct several Mumbai Metropolitan Region (MMR) projects.
According to a statement, the business plans to invest Rs 12,500 crore in five MMR projects. The investments, funded by equity and internal accruals, will cover the cost of developing these five projects, including land acquisition, building, and other expenses.
Surendra Hiranandani, Chairman and Managing Director of House of Hiranandani, stated, “Mumbai’s infrastructure development and growing demand for world-class places presents us with a fantastic potential in MMR. With this investment, we intend to reinvent the MMR real estate market with our painstakingly designed and planned premium developments.”
The business plans to build a 25-acre tract of land in Thane’s Hiranandani Estate. It is already creating some premium luxury towers, including Castalia in Kandivali, Belicia in Panch Pakhadi, Thane, and a 350-acre township in Thane.
In addition to housing, the organisation is increasing its commercial presence in Mumbai and Thane. It now maintains 4.5 million square feet of commercial space, with another 2.5 million square feet under construction.
“Mumbai’s real estate market is shifting, and we have seen a surge in demand for luxury developments and cutting-edge commercial spaces in the MMR. “Our goal is to set new industry benchmarks,” stated Harsh Hiranandani.
The company has so far built 45.82 million square feet and 26,399 residences.
Source: Business Standard
