The Hiranandani Group is going to invest Rs 1,000 crore and construct 1 million sq ft of housing for their upcoming township project in Panvel near Mumbai. The company plans to construct apartments 1, 2 and 3 BHK apartments in the price range of Rs 70 lakh to Rs 2 crore on the land parcel bought in 2008, Niranjan Hiranandani, founder and managing director of Hiranandani Group, told Moneycontrol.
Why 1 BHK?
The company said the launch of 700 units in Panvel, registered with the Maharashtra Real Estate Regulatory Authority, comprises apartments ranging between 490 sq ft and 1150 sq ft of RERA carpet area. The company aims to tap the growing luxury home demand in Panvel. The new sector will have an array of recreational and leisure amenities to benefit the homebuyers, the company said in a statement.
“The Panvel realty market is currently booming as a new economic node with the commissioning of mega infrastructure projects. This has already led to the increase in property prices index northwards. The region is also witnessing the foray of many organised and branded developers to capitalise on the new growth opportunities. The reason we are still offering 1 BHK apartments is because there is still demand for the same. The day there is no demand for 1 BHK apartments, we will focus on 2 BHK and further on,” said Hiranandani.
He added, "Launching a new residential sector aligns with the market buoyancy as the company seeks to capture strong demand for branded luxury homes post-COVID. Hiranandani Fortune City, Panvel, has already delivered 2,200-plus homes across 2.5 million square feet of residential space and 2 million square feet of commercial space, housing Asia's largest Yotta NM1 data centre. A holistic ecosystem and quality residence at the Fortune City integrated mixed-use township can help investors earn lucrative rental yields in the marketplace," he added
What is helping Panvel?
Panvel, given its proximity to India’s commercial capital, is witnessing a rise in population, mushrooming of commercial and retail spaces, social amenities, educational campuses, research and development centres, banking, financial services and insurance and IT offices, and tourist destinations, all of which make it an ideal proposition for homebuyers in MMR (Mumbai Metropolitan Area), said Hiranandani.
According to the company, the Panvel- Karjat region has been aptly coined as Mumbai NXT, redefining the location’s value proposition and its renewed connectivity with Mumbai.
The dual advantage of the Jawaharlal Nehru Port Trust, the country’s largest container handling seaport, and the Navi Mumbai international airport along with Mumbai Trans Harbour Link connecting Mumbai and Navi Mumbai (under which Panvel falls), a new coastal road, metro rail, multi-modal corridor and water transport will lead to unprecedented real estate growth. As a result of this last-mile connectivity, suburbanisation has become notable along with acceleration of commercial development and urban migration, the company said.
Redevelopment and data centres
The company in a statement said it will foray into redevelopment opportunities in Mumbai city and MMR. The statement said, "Hiranandani Group is the pioneers of developing India’s first ever mixed used integrated township across geographies like Powai, Thane, Panvel, Oragadam in Chennai."
"The group has strategically forayed into emerging real estate asset classes like Industrial and Logistics Parks, Data Centre that marks its pan India presence. Currently, the group is also actively evaluating redevelopment projects in Mumbai and MMR markets."