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| Hiranandani to launch affordable hsg project by year end |
| BS Reporter / Mumbai Aug 07, 2009, 16:42 IST |
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Hiranandani Constructions, one of the largest property developers in the country, looks to launch its first mid-income housing project by the year end, to mark its foray into affordable housing sector, a top company official said.
Hiranandani is looking at cities such as Panvel, Nashik, Pune in Maharashtra and Ahmedabad in Gujarat to launch its affordable projects in the country, the official said. "We are working on the plans now. The launches depend on getting approvals from the government and authorities,'' said Niranjan Hiranandani, managing director Hiranandani Constructions.
Apart from the parent company, other group companies such as London's Alternative Investment Market(AIM)-listed Hirco Plc and Hiranandani Realtors could be roped in for its affordable projects, Hiranandani said. The apartments will start from 450 square feet and come up on the outskirts of the cities, he said.
The company may enter into a public private partnership (PPP) with the Maharashtra Government, Hiranandani told news agency PTI on Thursday.
Hiranandani is renowned for its integrated townships in Powai in Mumbai and neighbouring Thane and the group developing similar townships in Chennai and Panvel outside Mumbai. On an average, its apartments range from 850-900 square feet and priced upwards of Rs 4,000 a sq ft.
He declined to state the pricing of the apartments and total number of units planned, saying that it is too premature to reveal such details now.
Country's biggest developers such as DLF, Unitech, Puravankara, Omaxe and others have already moved into the Rs 20 lakh-Rs 60 lakh category and launched apartments, which are 20-30 per cent lower than prevailing prices to beat the downturn in the market. Apartment sales dipped 70 per cent last year from their peak in 2007-08 as home buyers deferred home buys due to dwindling income and job losses.
"Affordable housing projects is nothing new for us. We sold flats at Rs 250 a square feet in Versova and Powai for Rs 500 a square feet. After that the tenaments have increased and land prices have gone up,'' Hiranandani said.
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