 "Niranjan Hiranandani, chairman of Hiranandani Group")
The mega infrastructure projects transforming cities have catalysed demand for residential and commercial spaces, Niranjan Hiranandani, chairman of Hiranandani Group, a Mumbai-based realtor, tells Aneeka Chatterjee over email. Edited excerpts:
Which segment is witnessing maximum growth: affordable, mid-segment or luxury?
Powered by sustainable home demand, Indian residential real estate has seen robust growth in the first quarter of 2024. Based on market research reports, it is clear that mid-luxury homes are maintaining a record-breaking spree of sales and property registrations across key markets.
We anticipate demand for residential spaces to remain strong in FY25 due to the growth rally in mid-luxury homes.
To capitalise on the burgeoning opportunities in plush micro-markets such as Bandra, Worli, Lower Parel, Breach Candy, Walkeshwar and Juhu in Mumbai, reputable and listed developers have a strong pipeline of new project launches.
A radical shift in lifestyle outlook has led to steep demand for premium properties among high networth individuals, startup unicorn founders, and business owners. Additionally, demand for well-designed apartments with location advantages in upscale suburbs like Thane and Panvel in MMR (Mumbai Metropolitan Region) is high among aspiring middle-class families.
Due to mega infrastructure projects shaping the transformation story of metro cities, residential and commercial demand is on the rise. Also, last-mile connectivity is fuelling growth in tier-I cities.
Any upcoming or ongoing projects that you are particularly excited about?
We are developing three- and four-bedroom luxury residences in Hiranandani Gardens, Powai (Mumbai). Additionally, Hiranandani Fortune City, Panvel, is currently developing a new phase of mid-segment homes that are attracting non-resident Indians and domestic professionals.
In addition, the group is confident about its development management project at the Oshiwara, Andheri West location, under its newly established service consultancy brand, Eleva.
Sanguine economic performance and positive market dynamics have resulted in upbeat sentiment among industry stakeholders.
Any specific segment or demographic that would drive the market?
The largest number of salaried professionals and established business owners are becoming affluent homebuyers, according to data analysis. To enjoy opulent living, many of these buyers are upgrading to lifestyle-enriching homes built by reputable developers in their neighbourhoods.
Self-financed homebuyers represent a significant segment of the market. A typical homebuyer ranges from the age of 35, with a stable income, to 50, with an appetite to invest.
However, post the Covid-19 pandemic, the industry has seen an increase in the millennial homebuyer segment. This is attributed to the stability and security that home ownership offers.
How do you view the impact of the shift in consumer preferences?
Hiranandani Communities, which is committed to creating promising townships, has closely observed the shifting needs of homebuyers in a post-pandemic landscape. The Covid-19 pandemic has undoubtedly sparked a profound reassessment of what we value most in our homes and communities. Families have collectively redefined their priorities, seeking spaces that offer a blend of comfort, convenience, and unparalleled amenities.
One key change is a renewed focus on spaciousness and functionality. The desire for ample natural light, well-ventilated homes, and access to open green spaces has become even more pronounced, reflecting the growing importance of holistic well-being.
Additionally, the demand for integrated, self-sufficient townships has surged. Homebuyers are seeking communities that provide an ecosystem of amenities within close proximity, including state-of-the-art healthcare facilities, educational institutions, recreation zones, and ample green areas.
Connective infrastructure and convenient access to essentials and recreational hubs have also become important criteria for homebuyers when considering their future abodes.
How do you plan to ride the real estate boom?
We are evaluating asset-lite residential projects under redevelopment, joint venture, or joint-assignment models, while developing mid-range and luxury projects in our integrated townships in Mumbai, MMR, and Chennai. Furthermore, the group is optimistic about strengthening its portfolio of industrial and logistics parks, as well as data centres.
