Real estate firm, House of Hiranandani, is targeting a revenue of Rs 19,000 crore from its new phase of investments and launches, Founder and Chairman Surendra Hiranandani said in an interaction with Moneycontrol. He said the company is investing Rs 12,500 crore in project launches, chiefly in the Mumbai metropolitan region, to "deepen its presence" in the market.
"With strong demand fundamentals and strategic infrastructure developments in the region, we expect an overall growth trajectory in the real estate sector. Of our Rs 12,500 crore investment, we are expecting an approximate revenue of Rs 19,000 crore that will be significantly contributed through projects across various locations in MMR," said Hiranandani.
In 2022, Surendra and his brother, Hiranandani Group MD Niranjan Hiranandani, had completed a split of the group's businesses, assets, and land parcels located in the Mumbai metropolitan region. Like Surendra's House of Hiranandani (HoH), Niranjan Hiranandani also carries out residential real estate activity in his personal capacity under the Hiranandani Communities venture.
The House of Hiranandani is investing around Rs 3,200 crore in the first phase of the company's Westgate project, located near the Hiranandani Group's vast Hiranandani Estate development off Ghodbunder Road in Thane, on land owned by HoH.
Surendra added that the first phase of the project is expected to fetch around Rs 4,300 crore in revenue. The company launched the project in December, and has sold around 30 percent of the inventory, Surendra said.
Like other well-capitalised and large developers in Mumbai, HoH is also planning to enter the redevelopment space, in order to tide over the shortage of land in the island city and the suburbs, and to take advantage of new development control rules and increased housing demand in higher ticket sizes.
"Currently, our complete focus is on expansion in the Mumbai metropolitan region. Apart from Thane and the eastern suburbs, we are currently in advanced discussions for redevelopment projects in South Mumbai, Borivali in the western suburbs, and other key micro markets within the city," Surendra added.
Other than redevelopment projects, HoH is planning to launch "two large societies" in Chembur, and is also developing luxury housing projects in Kalyan, Kandivali, and at Panchpakhadi in Thane. Surendra added that the company is also adding a number of commercial projects in its portfolio, having recently delivered around six lakh square feet of space in Chandivali.
In its upcoming commercial developments, the company is planning to construct around 2.5 million square feet of commercial space in Thane, and is also working to set up a luxury hotel at its Westgate project.
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