Hiranandani Group announces selling 150 flats for Rs 1,100 cr after launch of its Powai project

Mumbai real estate: Powai is well connected by road, has railway stations on the suburban network close by and has good access to the airport

A week after launching three towers of 3 and 4BHK luxury apartments in the central Mumbai suburb Powai, the Hiranandani Group has booked sales worth Rs 1,100 crore, it said in a statement.

An investment of Rs 2,000 crore has been earmarked to develop the luxury home project, which is scheduled to be completed under the Real Estate (Regulation and Development) Act, 2016 (RERA), by 2026, the company said in the statement.

According to the company, the project named Empress Hills Complex is part of the township of Hiranandani Gardens.

The project has a planned total area of 3.3 lakh sq ft carpet to be sold across 330 units of which 250 units are already up for sale. Of these 250 units, the company sold 150 units in a week's time.

The balance units may be sold at a later stage. It is a normal practice by real estate developers to retain some unsold units in a project that could be offered later at a premium.

Also read: Hiranandani exploring 3 plotted developments, to enter redevelopment of old buildings in Mumbai

Price range and size

The units are available as 3 and 4BHK apartments with an average size of 1,100 sq ft and 1,600 sq ft, respectively. The price range for these apartments is between Rs 6 crore to Rs 10 crore, read the company statement.

"The Covid-19 pandemic quandary and geo-economic vagaries have fuelled demand for ownership housing. Significant factors like a rise in disposable income, the capitalisation of alternative income avenues, better job prospects, an enticing capital market, a strong desire for spacious, lavish homes, and the buoyancy in luxury home sales demonstrate a growing appetite from affluent homebuyers," said Niranjan Hiranandani, founder and managing director, Hiranandani Group.

Also read: Once Mumbai’s poor cousins, Powai and Thane are now preferred locations

According to the company, it has launched a project in the Hiranandani Gardens township after nearly a decade.

"The Powai launch will cater to the soaring demand for luxury apartments, a holistic ecosystem, sustainable development and happy community living. The project has a proven track record of perpetual price appreciation and generational wealth creation for its homebuyers. The company is optimistic about optimal revenue from the luxury residential project in FY23," the company statement said.

Also read: 'No merit:' Hiranandani group on allegations of bribes given to Mahua Moitra to ask questions in Parliament

Walk to work

According to the company, Powai is well connected by road, has railway stations on the suburban network close by and has good access to the airport.

"A walk-to-work model within townships draws in C-suite professionals, expats, unicorn startups, established entrepreneurs and millennials from all walks of life. This green utopian neighbourhood abounds with social amenities such as education, healthcare, hospitality, fine dining, high-street retail, entertainment of global repute and modern amenities," the company said.