Mumbai-based Hiranandani Group plans to venture into the redevelopment of old buildings, for which it is exploring opportunities in the suburbs and south Mumbai.
The group also plans to launch three plotted development projects in Alibaug, Khandala near Mumbai and in Chennai to capitalize on demand for second homes post-Covid-19. Niranjan Hiranandani, founder and managing director of Hiranandani Group, told Moneycontrol.
The company is also looking to launch two luxury projects in Powai where it has 13 acres of unused land, Hiranandani said.
These announcements come in the backdrop of the company announcing an investment of Rs 1,000 crore and plans to construct 1 million sq ft in its upcoming township in Panvel near Mumbai.
The land for the project was purchased by Hiranandani in 2008. It plans to construct apartments ranging from 1,2 and 3 BHK in the range of Rs 70 lakh to Rs 2 crore.
Open to redevelopment
The company that owns huge land parcels in the country says it is evaluating opportunities for redevelopment projects in Andheri and South Mumbai's Malabar Hill.
"There are no concrete details that can be shared, but we are evaluating various opportunities. We have got proposals from the Lokhandwala area in Andheri, and are also evaluating opportunities in the Malabar Hill area of South Mumbai. The relaxations in the Coastal Regulatory Zone (CRZ) rules are helpful and will boost redevelopment not only in South Mumbai but even in other parts of the city," he said.
Plotted developments
The company plans to launch three plotted development projects in Alibaug, Khandala, and in Chennai. Hiranandani said the group own 250 acres of land in Alibaug, 500 acres in Khandala and 400 acres in Chennai.
“We will put 15-20 acres of land each for plotted development in these locations,” he said.
Luxury project launch in Powai
The company plans to launch a luxury project consisting of 3 and 4 BHKs in Powai, where it owns around 13 acres of land that is lying vacant.
"We are also open to redevelopment opportunities in the Powai area where we have constructed buildings in the last three to four decades, but we will also like to go for luxury project launches considering there is immense growth in the mid- segment and luxury market," Hiranandani said.
Open to taking up slum rehabilitation projects
Close to 30 years after the Slum Rehabilitation Act was passed, over 2,200 projects have been completed. The Hiranandani group is also open to taking up such projects.
"We are already doing the Parksite project in the Vikhroli area that is of slum rehabilitation after the court ordered us. At the same time, we are also open to exploring more slum rehabilitation projects," he said.
Data centres
The company also plans to come up with data centres in the city limits of Mumbai. This will come up under the banner of Yotta Infrastructure.
Would investment in real estate be the first option?
Asked what would he do if he had a budget of Rs 50 lakh and was 30 years old, the 73-year-old Hiranandani said that if his annual income was Rs 12 lakh, he would invest Rs 30 lakh in real estate and the rest in mutual funds and the stock market.
“We should remember that it is real estate that will remain and fight inflation while the rest all is on paper. I would go for investing Rs 30 lakh in real estate, considering that if I had 25 percent of the total amount of the property value in hand for downpayment,” said Hiranandani.
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