Hiranandani to invest Rs 1,000 cr in premium housing project in Panvel

The project, located in the group's mixed-use integrated township, Hiranandani Fortune City, is to be launched this week and is expected to be completed within three years

Hiranandani Communities plans to spend Rs 1,000 crore on developing a premium residential project consisting of three towers at Panvel.

The project, located in its mixed-use integrated township, Hiranandani Fortune City, is to be launched this week and is expected to be completed within three years.

The company will invest Rs 1,000 crore through construction financing and internal accruels to tap the growing luxury home demand in Panvel realty market, said a person aware of the development plan.

The investment amount doesn't include the cost of land, which was bought back in the early 2000s.

The RERA registered project 'Golden Willow' spans one million sq ft of residential space and consists of 1-, 2- and 3-BHK flats. The apartment size ranges from 490 sq ft to 1,150 sq ft of RERA carpet area.

The new sector will have an array of recreational and leisure amenities to befit the homebuyers' skewed preferences towards holistic and wellness infused living.

Niranjan Hiranandani, CMD, Hiranandani Communities believes that launching a new residential sector aligns with the market buoyancy, as the company seeks to capture strong demand for branded luxury homes post-Covid.

Hiranandani Fortune City-Panvel has already delivered over 2,200 homes covering 2.5 million sq ft of residential space and two million sq ft of commercial space, housing Asia's largest Yotta NM1 data centre, he said.

He added, “The Panvel realty market is currently booming as new economic node with the commissioning of mega infrastructure projects. This has already led to the increase in property prices index northwards."

Many other organised and branded developers are also entering the region to capitalise the new growth opportunities.

The Panvel-Karjat region has been aptly coined as Mumbai NXT, redefining the location’s value proposition and its renewed connectivity with Mumbai.

The dual advantage of JNPT seaport and NaviMumbai international airport along with MTHL, coastal road, metro rail, multi-modal corridor, water transport will lead to unprecedented real estate growth. As a result of this last-mile connectivity, suburbanization has become notable along with acceleration of commercial development and urban migration.

Panvel is a buoyant location with footprints of several established conglomerates, blue-chip companies, and real estate developers.

Panvel realty market is witnessing rise in population, mushrooming of commercial and retail spaces, social amenities, educational campuses, R&D centers, BFSI & IT offices, and tourist destinations which makes it an ideal proposition for homebuyers in MMR.

The two railway stations Mohape and Chowk in proximity to the Hiranandani Fortune City township will be opened for passengers on the completion of Panvel- Karjat rail corridor.