Mumbai-based billionaire Niranjan Hiranandani’s Hiranandani Communities has launched a residential project with an estimated topline potential of Rs 1,100 crore in Panvel, part of the Mumbai Metropolitan Region (MMR).
The project, named The Arena, is a premium residential development located within Hiranandani Fortune City, Panvel. Spanning over 10 acres, it will comprise eight towers and more than 1,700 residences.
The first three towers will be launched in the first phase, featuring 600 premium 2 BHK (priced at Rs 1.31 crore), 3 BHK, and 4 BHK (over Rs 1.77 crore) units, ranging from 730 square feet to 1,900 sq ft.
Niranjan Hiranandani, chairman of Hiranandani Communities, said, “Panvel’s growth potential is further fuelled by rising per capita income, expanding employment opportunities, and the migration of talent seeking holistic residential solutions. Aspirational buyers, including millennials upgrading their lifestyle and NRIs gravitating towards investment-friendly yet high-ROI options, are drawn to branded developments like Hiranandani Fortune City for their seamless integration of luxury, quality, and community living.”
Panvel, part of Mumbai 3.0 and the Navi Mumbai International Airport Notified Area (Naina), saw 5,315 new sales transactions worth Rs 2,526 crore in the first quarter of calendar year 2025 (Q1 CY25), according to Square Yards Data Intelligence.
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Average residential prices in the region stood at around Rs 10,737 per sq ft during Q1 CY25.
“Major infrastructure projects like the Mumbai Trans Harbour Link (MTHL), Navi Mumbai International Airport, freight corridors, suburban railway and regional highway projects have positioned Panvel as the gateway to accelerated economic progress. Seamless connectivity through improved road, rail, air, and sea networks is bolstering the area's desirability among homebuyers and investors alike, creating strong demand across residential, commercial, and industrial segments,” the company noted.
Additionally, Hiranandani Fortune City is a 588-acre integrated township comprising luxury residences, Asia’s largest data centre – NM1 Yotta, retail and commercial office spaces, and more.
