Mumbai, Oct 28 (PTI) Realty firm House of Hiranandani on Tuesday said it will invest Rs 12,500 crore over the next two years to develop multiple projects in Mumbai Metropolitan Region (MMR).
In a statement, the company said it will develop five projects in MMR with an investment of Rs 12,500 crore.
The investments, to be met through equity and internal accruals, will be made in the total development of these five projects including land acquisition, construction, and other costs.
House of Hiranandani Chairman and Managing Director Surendra Hiranandani, said, "Mumbai's infrastructure development and growing demand for world-class spaces presents a tremendous opportunity for us in MMR. With this investment we are set to redefine the MMR realty market through our meticulously designed and planned luxury projects."
The company will develop a 25-acre land parcel in Hiranandani Estate, Thane. It is already developing some premium luxury towers such as ‘Castalia’, located in Kandivali, ‘Belicia’ in Panch Pakhadi, Thane, and a 350-acre township in Thane.
It has also identified redevelopment opportunities in the MMR region, including a 15-acre project in Chembur consisting of Maitri Park and Shrinagar, and other land parcels in western suburbs.
The company is currently in advanced discussion for redevelopment projects in South Mumbai, with other key micro-markets within the city also under consideration.
In addition to housing, the company is expanding its commercial portfolio in Mumbai and Thane. It currently manages 4.5 million square feet of commercial space with an additional 2.5 million square feet under construction.
"Mumbai’s real estate market is evolving and we have been witnessing high demand for premium developments and state-of-the art commercial spaces in MMR. Our goal is to establish new benchmarks in the industry," said Harsh Hiranandani.
The company has so far developed 45.82 million square feet area and 26,399 homes.