House of Hiranandani, known for developing integrated communities in Mumbai Metropolitan Region (MMR), has taken a step to strengthen its footprint in the redevelopment segment in Mumbai. The company announced the signing of redevelopment projects of 17 lakh sq ft with a gross development value of Rs 5,000 crore.
The company has inked agreements to develop five major housing societies in Chembur and plans to invest Rs 3,200 crore. These societies comprising 459 tenants includes redevelopment of Maitri Park in Chembur East, measuring approximately nine acres and cluster of four societies at Shrinagar in Chembur West, admeasuring approximately six acres. The company is in process of securing necessary approvals and plans to complete the redevelopment within the next 4-5 years. The group has also set its sights on the sprawling Chheda Nagar complex also in Chembur.
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“Redevelopment of established societies is a new opportunity that HOH would like to explore. Today, Mumbai city has no space for expansion. The older regions of Mumbai are full of old and dilapidated buildings with insufficient infrastructure. Considering the scarcity of space, redevelopment of these buildings is an ideal solution that can unlock potential of these spaces, create world class infrastructure and amenities for the residents and also transform the clogged spaces into planned sustainable and liveable communities, Chairman and Managing Director of House of Hiranandani, Surendra Hiranandani said.
“Along with Chembur, we are looking forward to aggressively exploring other locations for redevelopment in Mumbai. Our recent redevelopment project at Castalia in Kandivali would be completed in 2025,” he added.
House of Hiranandani has developed separate teams to focus both on society redevelopment and on SRA redevelopment. The vision of both these teams will be to create landmark developments in the city and unlock value for the Company and for the tenants.
Along with residential, House of Hiranandani has also constructed over 12 mn sq ft of area in the commercial sector. Till date House of Hiranandani has delivered 25,375 homes, developed 45.82 mn sq ft (residential and commercial), educated 89,664 students and planted over 61,670 trees.
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