House of Hiranandani to Invest Rs 3,200 Crore in Redeveloping Five Mumbai Housing Societies
Mumbai, 14th September 2024: Real estate developer House of Hiranandani plans to invest ₹3,200 crore in the redevelopment of five housing societies in Mumbai. The firm, which operates across Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, and Chennai, has also secured additional projects totalling 17 lakh square feet with a Gross Development Value (GDV) of ₹5,000 crores.
The company has formalized development agreements with five significant housing societies in Chembur. These include Maitri Park in Chembur East, covering approximately 9 acres, and Shrinagar Society in Chembur West, which comprises four societies on around 6 acres.
House of Hiranandani is working on obtaining the necessary approvals and aims to complete these redevelopment projects within the next 4-5 years. Chairman and Managing Director Surendra Hiranandani emphasized that redeveloping older societies is a key opportunity as Mumbai faces limited expansion space and ageing infrastructure.
He highlighted that redeveloping these areas will not only enhance infrastructure and amenities but also convert congested zones into well-planned, sustainable communities. With over four decades in the real estate sector, House of Hiranandani has built more than 12 million square feet in commercial real estate and delivered 25,375 homes, totalling 45.82 million square feet of residential and commercial space.
