Hiranandani to invest Rs 3,200 cr to redevelop 5 Mumbai housing societies

Realty firm House of Hiranandani will invest Rs 3,200 crore to redevelop five housing societies in Mumbai.

The company has presence in Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad and Chennai.

The company said it has signed additional redevelopment projects of 17 lakh square feet with a GDV (Gross Development Value) of Rs 5,000 crore.

"The company has entered into registered development agreements with five major housing societies in Chembur and plans to invest Rs 3,200 crore," House of Hiranandani said in a statement.

These five housing societies in Chembur comprising 459 tenants include redevelopment of Maitri Park in Chembur East, admeasuring about 9 acres and Shrinagar Society in Chembur West, a cluster of four societies admeasuring about six acres.

The company said it is in the process of securing necessary approvals and plans to complete the redevelopment within the next 4-5 years.

Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani said, "Redevelopment of established societies is a new opportunity that House of Hiranandani would like to explore. Today, Mumbai city has no space for expansion. The older regions of Mumbai are full of old and dilapidated buildings with insufficient infrastructure."

"Considering the scarcity of space, redevelopment of these buildings is an ideal solution that can unlock the potential of these spaces, create world class infrastructure and amenities for the residents and also transform the clogged spaces into planned sustainable and liveable communities," he said.

House of Hiranandani has an experience of over four decades in the real estate industry.

Along with residential, House of Hiranandani has also constructed over 12 mn square feet of area in the commercial sector.

Till date, House of Hiranandani has delivered 25,375 homes and developed 45.82 million square feet of residential and commercial real estate.