Niranjan Hiranandani, one of the founders of the Hiranandani Group, has decided to invite offers for selling the undeveloped part of the integrated township known as Hiranandani Gardens in Powai, Mumbai, sources told Moneycontrol.
The quantum of the land up for sale will depend on the offers received, sources said. The township was launched in 1987. Recently, Hiranandani Developers co-founders and brothers Niranjan Hiranandani and Surendra Hiranandani have divided some of the joint realty projects in Mumbai Metropolitan Region (MMR).
Following the settlement, Niranjan Hiranandani owns 250-acre township in Powai, while Surendra Hiranandani has received the 350-acre township project in Thane. The worth of the real estate assets is around Rs 20,000 crore, sources said.
Sources said that the worth of Niranjan Hiranandani’s assets is purportedly around Rs 10,000 crore.
Moneycontrol reached out to Niranjan Hiranandani’s spokesperson with a set of queries, including the reason behind the decision to sell. The story will be updated as and when the company responds.
The billionaire brothers had founded the company in 1978 with a 50:50 ownership share.
Hiranandani Gardens is an upmarket township consisting of condominiums, penthouses, bungalows and commercial complexes in Powai in the city of Mumbai. Spread in an area of 250 acres, the township houses 42 residential buildings and 23 commercial buildings.