Hiranandani group investing Rs 700 crore to build commercial project near Mumbai

NEW DELHI: Realty firm Hiranandani group is investing Rs 700 crore to develop a 2 million square feet office building at Thane, near Mumbai as part of its plan to expand commercial real estate portfolio.

The company has already completed 0.6 million square feet tower 'Quantum' at a cost of Rs 300 crore. The occupation certificate has already been received and the company has started the leasing process.

In a statement, Hiranandani group said it is developing a total of 2.6 million square feet 'Hiranandani Business Park' in its township Hiranandani Estate, which is spread over 350 acres on Ghodbunder Road, Thane near Mumbai.

The company said the construction of 2 million square feet 'Centaurus' tower is undergoing and will be completed by December 2022, at an investment of Rs 700 crore.

Niranjan Hiranandani, Founder & MD, Hiranandani Group, said: "The group has a proven track record of delivering 3.5 million square feet of commercial space in Thane that signifies its scalability, modularity and sustainability." The company said the two office buildings suit corporates and MNCs looking at consolidation and expansion in a central location.

"Customer segmentation and demand has evolved through the COVID pandemic crisis. The new commercial towers are strategically developed based on the principle of 'Conscious Consumerism' a decision well informed and aimed to have a positive social, environmental, and economic impact," Hiranandani said.

The consequential benefit of office spaces moving closer to employee homes will lead to carbon neutrality, enhanced productivity and increased employee retainability, he added.

In December last year, Hiranandani group had announced an investment of around Rs 8,500 crore over the next three years to develop data centres and industrial parks across various cities.