Hiranandani Group to invest Rs 1,000 crore in Mumbai, develop new housing project

Realty firm Hiranandani Group will invest Rs 1,000 crore to develop a new housing project in Mumbai. The company has launched a new project, ‘Golden Willow’, in its integrated township Hiranandani Fortune City at Panvel. The company aims to invest in order to tap into the growing demand for mid and luxury homes. 

The realty firm plans to develop 1 million sq ft of residential space in this project that will comprise around 700 units ranging between 490 sq ft to 1,150 sq ft of carpet area.

The Golden Willow project will be funded from constriction finance and internal accruals. The ticket size will be of Rs 70 lakh to over Rs 2 crore.

Hiranandani Communities CMD Niranjan Hiranandani said that the launch of this project is in line with the market buoyancy. The company seeks to capture strong demand for branded luxury homes after COVID-19. 

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

Hiranandani said that the region is witnessing the foray of many organised and branded developers seeking to tap into the new growth opportunities. 

The company is known for its mixed used integrated township in Powai, Thane, Panvel and Chennai’s Oragadam. It has so far delivered over 2,200 homes across 2.5 million sq ft of residential space and 2 million sq ft of commercial space. 

Also read: Mumbai real estate market up for major boost; India to grow by double digits in 2023: Hiranandani