House of Hiranandani is set to invest Rs 3,200 crore to redevelop five housing societies in Mumbai.
The real estate firm said it has signed additional redevelopment projects of 17 lakh square feet that have a gross development value of Rs 5,000 crore.
"The company has entered into registered development agreements with five major housing societies in Chembur and plans to invest Rs 3,200 crore," House of Hiranandani said in a statement.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
These five housing societies in Chembur comprise 459 tenants and include redevelopment of Maitri Park in Chembur East, which covers about 9 acres. And Shrinagar Society in Chembur West, a cluster of four societies covering about six acres.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The company said it is in the process of securing necessary approvals and plans to complete the redevelopment within the next 4-5 years.
The firm expressed the desire to redevelop established societies. Citing the prevalence of old and dilapidated buildings with insufficient infrastructure in older regions of Mumbai, they said that the city has a dearth of spaces for expansion.
"Considering the scarcity of space, redevelopment of these buildings is an ideal solution that can unlock the potential of these spaces, create world-class infrastructure and amenities for the residents and also transform the clogged spaces into planned sustainable and liveable communities," said the Chairman and Managing Director of House of Hiranandani, Surendra Hiranandani.
(With Inputs From PTI)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
