New Delhi: House of Hiranandani, a real estate company, plans to spend Rs 3,200 crore to renovate five residential complexes in Mumbai. The company is established in Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad and Chennai. The company announced that it has secured more redevelopment projects totaling 17 lakh square feet with a GDV of Rs 5,000 crore.
House of Hiranandani stated that the company has made contracts for development with five main housing societies in Chembur and intends to invest Rs 3,200 crore. These five Chembur housing societies, totaling 459 tenants, involve the renovation of Maitri Park in Chembur East, which covers around 9 acres, and Shrinagar Society in Chembur West, consisting of four societies covering approximately six acres.
The company stated that it is working on obtaining the required approvals and aims to finish the redevelopment in the next 4-5 years. Surendra Hiranandani, the Chairman and Managing Director of House of Hiranandani, expressed interest in exploring the new opportunity of redeveloping established societies. Currently, there is no room for growth in the city of Mumbai. The aged sections of Mumbai are filled with antiquated and rundown structures lacking proper infrastructure. He mentioned that redeveloping these buildings due to limited space can unlock their potential, improve infrastructure, and create sustainable communities with quality amenities for residents.
House of Hiranandani has more than 40 years of experience in the real estate sector. In addition to residential properties, House of Hiranandani has also developed more than 12 million square feet of space in the commercial domain. To this day, House of Hiranandani has completed 25,375 residences and built 45.82 million square feet of real estate.
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