Hiranandani Communities, headed by Niranjan Hiranandani, is keen to develop properties in Maharashtra, Gujarat and Chennai for which it has already acquired land, Chief Executive Officer Jackbastian K. Nazareth said.
“The master plan for some of the projects are in place and announcements will be made within the next four months,” Mr. Nazareth said in an interview. “All these projects will start during financial year 2017-18 and will be completed in 20 months time.”
Build resortsHiranandani Communities will build resorts and residential, industrial and integrated townships in Alibaug (220 acres), Khandala (550 acres), Pune (250 acres) and Panvel (588 acres).
Civil works are in progress on the 385-acre plot at Oragadam, near Chennai. However, the company is yet to decide how to use the land in Nashik (77 acres) and Ahmedabad (23 acres). Besides Maharashtra, Hiranandani Group may also develop a property in Bengaluru.
Mr. Nazareth said a sum of Rs.500 crore each has been committed for projects at Pune, Nashik and Chennai. “Some of the land was purchased at different points of time. However, we can say it has a total value of Rs.15,000 crore,” he said.
Mr. Hiranandani, Founder and MD of Hiranandani Constructions Pvt. Ltd., said the group’s International Financial Services Centre in Gujarat was almost ready and would be unveiled during the ‘Vibrant Gujarat Global Summit 2017’. Hiranandani Signature, a commercial complex, will also house the BSE International Exchange.
He said his interest in Chennai was because of a long association with Binny Mills, in which he had held a stake.
The group has agreed to sell 4.5 million sq.ft. of prime space in Powai to Canada’s Brookfield Asset Management for $1 billion in one of the sector’s largest deals.
Sovereign funds, pension funds and large public institutions have been entering the real estate market through acquisitions anticipating relatively better economic growth and therefore better returns.“Ours is a family-owned company in which me and my brother hold 50 per cent stake each,” Mr. Hiranandani said. “The partnership firm is being converted into a private limited company. We continue to work together.”
