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Indian Real Estate News : Mumbai
Mumbai's Hiranandani Group Plans 2000 cr Investment in Commercial, Residential and IT Sector
Source: Indian Realty News Apr 16, 2010
Hiranandani Group, Mumbai's leading real estate company, plans to launch projects worth Rs 2,000 crore across residential, commercial and IT segments in this financial year. The new projects will be launched at Thane, Ahmedabad and Pune, and Kandiwali, Chembur, and Panvel areas in Mumbai. While 70 per cent of this new development will be in the residential segment, the remaining 30 per cent will be across commercial and IT segments, a top company official, told Property Pulse.

"We are optimistic about the real estate sector in the coming months. Therefore, we will be investing about Rs 2,000 crore within this financial year. We already have the funds in equity and borrowings from the banks," Niranjan Hiranandani, MD, Hiranandani Group, said in an interview.

In the residential segment, the new launches will be a mix of luxury projects, mid-segment and affordable homes. The on-going projects include one project each at Powai, Kandiwali and Chembur in Mumbai, two in Thane, two in Chennai and one each in Hyderabad and Bangalore.

"Our focus has always been on Mumbai. But recently we also launched projects in other cities like Chennai, Hyderabad and Bangalore. There is huge potential in these cities as well. I think market in Mumbai has picked up fast followed by Thane, Pune, Chennai, Bangalore and Hyderabad in the same order," adds Niranjan Hiranandani.

Apart from construction, the group has also diversified into education, horticulture, hospitality, entertainment and retail. Since its inception, the Group has come a long way to be recognised countrywide for their modern and state-of-the-art mixed-use township projects in Powai and Thane, both of which have become preferred residential and commercial locations in and around Mumbai.
Tag: Hiranandani Project, Mumbai Properties, Hiranandani Group, nvestment in Commercial, Residential and IT Sector
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