The Hiranandani Group has ventured into real estate consultancy services with the launch of Eleva, a division that will operate as a consultant to landowners and developers and provide strategic project development solutions.
The new venture will also explore working on stalled or stressed projects, the Mumbai-based real estate developer said November 29. There will be no fresh investment in the venture at the moment.
Eleva will be a pan-India consultant service-led business model to provide development, construction, design, marketing, and sales-oriented solutions to other real estate companies. With this offering, the company aims to focus on niche opportunities and expand its real estate footprint, leverage its brand equity, and extend its development expertise to others, the Hiranandani Group said in a statement.
Niche opportunities
"There are various proposals in the market where this type of positioning will help,” Niranjan Hiranandani, founder of the Hiranandani Group, told Moneycontrol. “I have already got calls from a bank to help them with sales and balance construction of a stressed project. So we feel there is a lot of scope for this type of service model.”
He said there will be no new investment in the venture because the group already has the required infrastructure at the backend.
“But yes, we will require more people, which we will hire based on the work we have in our hand in the coming days," he said.
Eleva has already got its first project to act as a consultant for a 3.33 lakh square foot development in the Andheri West area of Mumbai. The project has three towers of 33 storeys each, with a mix of two- and three-bedroom apartments. The prices range from Rs 3 crore to 3.7 crore for the two-bedroom homes and from Rs 4 crore to 4.5 crore for the three-bedroom apartments.
Also read: Hiranandani Group announces selling 150 flats for Rs 1,100 cr after launch of its Powai project
“The project has received approvals from RERA (Real Estate Regulatory Authority) and will be delivered in December 2028, as per RERA timelines," the company said.
Meanwhile, a special window for the completion of affordable and mid-income housing, or SWAMIH Investment Fund, which was tasked with funding stalled projects in the country, has delivered 23,000 houses since its inception three years ago, as of April 2023.
The Rs 15,530 crore fund, backed by the government and managed by SBICAP Ventures Ltd., hopes to deliver an additional 20,000 homes by the year-end, taking the total to 43,000 across tier 1 and 2 cities.
Also Read: SWAMIH Fund for stuck realty projects delivers 23,000 homes, unlocks liquidity worth Rs 35,879 crore
The fund has approved 131 projects, unlocking liquidity worth Rs 35,879 crore. The deal size committed across the 131 projects is Rs 13,600 crore.
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