Mumbai is out of the question for affordable housing: Niranjan Hiranandani

Plans to develop 2000 acre land in 5 years, against 550 acres in last 30 years

Hiranandani Group, best known for its township at Powai in Mumbai, developed 550 acres in the last 30 years. At 68, Niranjan Hiranandani, the co-founder and managing director, plans to develop five times the land at 25 times the pace in the next 5 years under his new initiative Hiranandani Communities. He spoke to Raghavendra Kamath and Abhineet Kumar. 

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Where is real estate market headed now?

Real estate is in recession after demonetisation, GST, RERA, and insolvency code. Four tsunamis have passed and so many developers have died in the recession. Though it is not entirely market driven