Hiranandani Communities to Invest INR 1000 Cr in Hiranandani Fortune City, Panvel

Hiranandani Communities to Invest INR 1000 Cr in Panvel

With its mixed-use integrated township, Hiranandani Fortune City in Panvel, near to Mumbai, the Mumbai-based real estate firm Hiranandani Communities expects to spend more than Rs 1000 Cr, or around USD 1.15 billion.

The projected investment for the development, which is expected to be completed over the next three years, will be financed by the developer using internal accruals and construction financing.

The price of the land that was purchased decades ago is not included in the projected investment. Almost 2,200 units of 2.5 million square feet have been built and delivered by Hiranandani Group at the Hiranandani Fortune City, Panvel municipality. Yotta NM1, the biggest data centre in Asia, is located in this multi-use town.

The company's efforts to capitalise on the strong demand for branded luxury apartments after COVID have led it to enter this new residential sector, which in turn corresponds with the market's vigour. Panvel's real estate market is booming as a new economic hub thanks to the commencement of significant infrastructural projects. The housing price index has already begun to climb as a consequence of this.

The firm has already been approved for RERA registration in the municipality's new Golden Willow residential zone. Apartments will have carpet sizes between 490 to 1,150 square feet, with 1, 2, and 3 bedroom layouts planned.

The state government of Maharashtra is dedicated to making Panvel and the Navi Mumbai Airport Influence Notified Area (NAINA) become Mumbai 3.0, which includes the expansion of infrastructure and knowledge-based companies in the Neral-Karjat area near Mumbai.

The Panvel-Karjat area is gaining growth steam as a result of improved connections to Mumbai. Further growth is expected to be fueled by the synergistic benefits of JNPT seaport and Navi Mumbai international airport, as well as the trans-harbour connection, coastal road, metro rail, multi-modal corridor, and water transportation.

The Hiranandani Group has built mixed-use integrated townships in Oragadam, Chennai in addition to Powai, Thane, and Panvel.