Hiranandani launches premium residential project in Panvel; to invest Rs 1,000 crore

Mumbai: Hiranandani Communities launched a new residential project in Panvel called Golden Willow on Thursday. The group will be investing Rs 1,000 crore in the project.

The project is a part of the Hiranandani Fortune City, an integrated mixed-use township.

Property Details

The residential project will have a total of 700 units, ranging from 1 BHK to 3 BHK configurations, with a size range of 490 sq ft to 1,150 sq ft. Around 10% of the units will be 1 BHKs. The company seeks to cater to the strong demand for branded luxury homes post-COVID.

Market Outlook

Niranjan Hiranandani, Chairman & Managing Director, Hiranandani Communities, stated that the launch of a new residential sector aligns with the market buoyancy. The company aims to capture the growing demand for luxury homes in the post-pandemic era.

Infrastructure Development in Panvel

Panvel is witnessing an influx of branded developers who are capitalizing on the new growth opportunities in the vicinity. Several infrastructure projects are under construction and planned in the area, such as the Jawaharlal Nehru Port Trust, Navi Mumbai International Airport, Mumbai Trans Harbour Link, Navi Mumbai Coastal Road, Navi Mumbai Metro, Multi-Modal Corridor, passenger water transport, Mumbai Pune Expressway – MTHL Connector, and soon to be opened Mohape and Chowk railway stations, among others.

Panvel's growing population has also led to the development of commercial and retail spaces, social amenities, and educational campuses. Moreover, the Mumbai Metropolitan Region Development Authority has earmarked 94% of their expenditure budget for the FY 2023-24 towards road and bridge projects, public transport, and other infrastructure development works in the MMR.