Mumbai-based real estate developer House of Hiranandani is planning to develop 23 million sq ft in Bangalore and Chennai over the next five years. It was planning to develop eight million sq ft here at an investment of Rs 3,000 crore, a top company executive said.
“We have a land parcel of 140 acres in Bangalore and 110 acres in Chennai. We wish to go systematically in these cities by understanding the customer’s preferences and develop the property as per their demand. We have launched two projects in Bangalore in two phases, which will have about two million sq ft,” Neha Hiranandani, director at House of Hiranandani, told reporters here.
The company has also launched Seagull, a project designed by Hafeez Contractor, in Chennai. The two projects in Bangalore are Signature Villas and Horizon at Devanahalli near the international airport and Bannerghatta road, respectively. The Signature Villas has 11 villas, priced upwards of Rs 9,000 per sq ft, while Horizon has 900 flats in the first phase, priced above Rs 5,000 per sq ft.
The company had already sold 50 per cent of the flats in Horizon and the second phase of the project would be launched soon, she said.
At Devanahalli, Hiranandani plans to build only 11 Signature villas within an existing community of villas, cottages and townhouses. “We have about 85 acres here. In Phase-I, we have done about 50 cottages.
In Phase-II, another 20 cottages are under construction. We will continue to develop depending on the demand. The total unit size is between 1,800 and 2,900 sq ft,” she said. Hiranandani has tied up with Singapore-based design consultant Suying Design for Signature Villas. The company also plans to develop properties on the Sarjapur corridor.
In Chennai, the company plans to develop 15 million sq ft. “I want to understand the customer’s preferences in Chennai and then develop projects depending on the need. We are also looking at additional land of 30 acres to 100 acres there,” she added.