Real estate developer House of Hiranandani has secured redevelopment rights for a land parcel exceeding three acres in Borivali (West), Mumbai, where it plans to develop a premium residential project with an estimated gross development value of over Rs 3,000 crore.
The project will offer a total saleable carpet area of more than 7.6 lakh sq ft and will feature a combination of rehabilitation and free-sale components. Around 380 homes will be allocated to existing society members, while over 850 residential units will be released for sale in the open market.
This development reflects the continued expansion of developers in Mumbai’s western suburbs, where demand for high-end housing remains strong, supported by improving connectivity and infrastructure upgrades. “The Mumbai Metropolitan Region is at an inflection point. The pace at which infrastructure, connectivity, and urban aspiration are converging here is unprecedented, and it is reshaping not just how people move through the city, but how they live in it. This ongoing transformation unlocks immense potential for the region, positioning it as one of the most dynamic urban ecosystems in the country”, said Surendra Hiranandani, CMD, House of Hiranandani.
The company has already registered the development agreement for the project and received the Intimation of Disapproval (IOD), marking a key approval milestone. “We have received the Intimation of Disapproval (IOD) for the project. We are looking to launch this project in 3-4 months and deliver it in next 4-5 years,” said Harsh Hiranandani, Director, House of Hiranandani.
The project is expected to strengthen the developer’s footprint in Mumbai’s western corridor, where branded and large-scale residential developments continue to attract buyers.
Redevelopment remains a core driver of Mumbai’s real estate market, given the limited availability of vacant land. Such projects play a critical role in transforming ageing housing societies into modern residential complexes, particularly across the city’s suburban belts where redevelopment activity has been steadily rising.
Source: The Economics Times
