House of Hiranandani forays into overseas markets

House of Hiranandani (HoH), led by Surendra Hiranandani, is all set to enter the U.K. and Europe markets next year to construct small apartment projects.

Besides, it is also exploring the possibility of constructing townships in major metros such as National Capital Region and Pune. Currently, HoH has a few ongoing projects in Chennai, Bengaluru, Hyderabad and Mumbai Metropolitan Region.

Last week, Niranjan and Surendra Hiranandani were in the news for selling 4.5 million sq.ft. of prime space in upscale area of Powai, Mumbai to Canada’s Brookfield Asset Management for $1 billion. Both of them have started developing integrated township projects at Oragadam and Egattur Old Mahabalipuram Road near Chennai respectively.

“Ours is a zero-debt company. The money realised recently through the Brookfield transaction will be ploughed back for project development. We got a contract from TCS to build 1.9 million sq.ft of office space in Mumbai with additional option of constructing another 1.4 million sq.ft.,” Surendra Hiranandani, Chairman and Managing Director of HoH told The Hindu.

Asked how the Mumbai-based builders are entering Chennai at the same time, he said that there was no clash of interests between the brothers. It was an independent and opportunity-based decision.

“We are pursuing our interests independently. We have a subsidiary in which both of us hold equal stake. There are certain SPV’s, not all, which were partnership historically right from 1980’s. Historically, we had some partnerships. Those continues. Those needed to be converted into private limited. We have separate projects since 2005,” he said.

“As HoH we are looking at five major cities. We are not going to other metros such as Kolkata, Ahmedabad or Jaipur as it is does not have enough depth in the market. We do not have concrete plans for NCR and Pune. But, we are looking at the opportunity. We are adopting a cautious stand in Hyderabad,” he said.

Asserting that they had sufficient land banks for four to five projects in Chennai, Mumbai and Bengaluru, Mr. Surendra said they might look for acquisition as and when needed. The major challenge came by way of getting sanctions from the authorities concerned.

“In the next 10 years, we would like to develop 40 million sq.ft. of integrated townships consisting of commercial and residential blocks. Apart from the five major cities, we will be entering the U.K. and Europe next year,” he said.

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Printable version | Dec 9, 2021 2:06:24 PM |

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