Hiranandani Group Forays Into Property Development Management

Hiranandani Group, a developer of real estate, has ventured into the development management industry. Through the formation of alliances throughout the nation, the organisation will provide other real estate actors with development, construction, design, marketing, and sales-focused solutions.

In addition, the group will assess the viability of collaborating with suspended or troubled projects that have the potential to become operational by leveraging its expertise within this new business vertical, Eleva.

Eleva by Hiranandani Group will function as a consultant for proprietors and developers who possess valid land titles and statutory approvals, in accordance with this service-fee revenue model."Within the first year, we intend to form alliances for projects in Mumbai that span at least 500,000 square feet and are valued at over Rs 1,000 crore." "We are interested in brownfield and greenfield projects alike, and have received offers from a few banks to assume control of specific projects for which they have provided financing," stated Niranjan Hiranandani, Founder and Managing Director of Hiranandani Group. 

"In the first year, the organisation intends to form a partnership under this venture for a minimum of five projects." Among these, the initial undertaking in the Oshiwara suburb has been put into operation, while several others are currently under deliberation in areas such as Versova in Andheri and the Carter Road end of Chembur in Bandra. Integration of space and services is becoming an increasingly prevalent trend in the real estate sector. "

In this era of intense competition, we intend to forge new partnerships through this newly introduced business model and leverage our expertise to increase the value proposition for our customers," Hiranandani explained.

The organisation shall furnish strategic project development solutions by means of direction and suggestions to guarantee the project's smooth implementation and timely completion.The establishment of the new business vertical will facilitate the expansion of the group's geographic reach, fortify the market presence of the brand, and produce supplementary sources of revenue.

This new business model, according to Hiranandani, will provide operational and strategic counsel to partner developers in order to assist them in constructing superior residences and delivering high-quality living to their clientele, with an emphasis on innovation.
An initial alliance has been established by the group via this nascent business vertical.

The three towers, each measuring 33 stories, constitute the 3.33 lakh square feet of development that the Andheri West suburb of Mumbai is home to. This development will feature a variety of 2- and 3-bedroom apartments ranging in size from 765 to 1,170 square feet, with prices beginning at Rs 3 crore.

The project has obtained RERA approvals and is scheduled for completion in December 2028, in accordance with RERA's timelines.Consistent optimism regarding the housing market not only encourages new ventures and alliances, but also attracts investments in the sector.

Despite higher mortgage rates and property prices, the residential real estate markets in India's major cities have maintained their development trajectory, reaching a six-year high, with the majority of sales volume coming from the mid-income and premium segments.