Hiranandani to invest Rs 2,000 crore in Mumbai housing, sells Rs 1,100 crore in first week

The Hiranandani Group is set to invest Rs 2,000 crore in a new residential project in Mumbai, having already sold flats worth Rs 1,100 crore within the first week of its launch, the company said in press statement. This luxury housing project, known as 'Empress Hill,' is part of the 'Hiranandani Garden' township in Powai and will encompass 330 units. The total construction cost for the initial phase is estimated at approximately Rs 2,000 crore.

Project stats

The project's first phase, launched on October 8, covers 3.3 lakh square feet and includes 330 units distributed across three residential towers. Notably, 150 units have already been sold, totalling Rs 1,100 crore in sales revenue. The flats within the project range in size from 1,100 square feet to 1,600 square feet, with prices ranging from Rs 6 crore to Rs 10 crore.

According to Niranjan Hiranandani, Founder and MD, Hiranandani Group, factors like the impact of the COVID pandemic, economic uncertainties, increased disposable income, alternative income sources, and a strong capital market have driven the demand for homeownership, especially in the luxury housing segment.

"The launch of Empress Hill, a luxury home project within the premium township Hiranandani Gardens Powai, is in correspondence to capitalise the festive tailwinds and buoyancy in luxury home segment. The strong credit scores and customer ratings have augmented the confidence index of potential homebuyers and investors in Hiranandani’s project,” he added.

 

Powai development presence

The Hiranandani Group has a presence in Powai, having developed 83 lakh square feet of residential space in the Hiranandani Gardens township, with an additional 6 lakh square feet under development. They have also constructed 45 lakh square feet of commercial space. Overall, the Hiranandani Group has completed and delivered approximately 48 million square feet of real estate, which includes 35 million square feet for residential properties and nearly 14 million square feet for commercial and retail properties in various locations such as Powai, Panvel, Thane, Chennai, Ahmedabad, and Pune.