Mumbai-based real estate developer House of Hiranandani is looking at expanding its operations to National Capital Region (NCR) and Pune, in future. The company today launched a 161 meter tall residential project in Chennai.
Speaking to the reporters in the sidelines of the launch, Surendra Hiranandani, founder and managing director of House of Hiranandani said, "We like Mumbai Metropolitan Region (MMR), Bengaluru and Chennai, where we have established our presence. We are looking to establish more in NCR and Pune in future, but still nothing has materialised as yet."
He added that the company is conservative and will not jump into a project, even though it is looking at expansion. It has received permission to develop 6 million sq ft in Mumbai, and around 60 lakh sq ft projects are in pipeline in Bengaluru. The company has been developing residential area in 120 acre land in Chennai, where around 3.6 million sq ft has already been developed at a project value of around Rs 2,400 crore. While it also has land in Hyderabad, it is a little cautious on this market at present and would develop the project as the market develops.
In Chennai, the company will be launching another project in three to four months, within the 120 acre of land it has in Old Mahabalipuram Road. It is expecting about Rs 1,200 crore revenue a year for the next two years, from Mumbai, Bengaluru and Chennai businesses.
Out of the land it has in Chennai, almost 25 per cent has been developed so far, where it has developed around 2,100 apartments, and around 150 units including those under construction, are unsold, he added.
He said that the funds raised through agreement with Canada-based Brookfield Asset Management by selling its 4 million sq ft office and retail space in Powai, Mumbai, will be used as growth capital. According to reports, Hiranandani group, a 50:50 partnership between Niranjan and Surendra Hiranandani, has signed an agreement with Canada's Brookfield Asset Management to sell its 4 million sq ft of office and retail space in Powai. The deal is estimated at about $1 billion (Rs 6,700 crore).
The project the company announced today, which it claims as the tallest residential building in Tamil Nadu with 45 stories, will be developed at a project value of Rs 375 crore. The units are sold in 2-5 BHKs and will have a starting price from Rs 79 lakh.