The Hiranandani Group has announced plans to invest Rs 1,000 crore in the construction of 1 million sq ft of housing for its ongoing township project in Panvel, near Mumbai.

Founder and managing director Niranjan Hiranandani told Moneycontrol that the company plans to construct apartments in the 1, 2, and 3 BHK categories, priced between Rs 70 lakh and Rs 2 crore, on land purchased in 2008. The company aims to tap into the growing demand for luxury homes in Panvel and plans to offer an array of recreational and leisure amenities for homebuyers.

According to Hiranandani, the Panvel realty market is booming as a new economic node, thanks to the commissioning of mega infrastructure projects that have led to an increase in property prices. The region is also attracting many organized and branded developers looking to capitalize on new growth opportunities. The company’s new residential sector aligns with the market buoyancy and seeks to capture the strong demand for branded luxury homes post-Covid.

Hiranandani Fortune City, Panvel, has already delivered 2,200-plus homes across 2.5 million square feet of residential space and 2 million square feet of commercial space, housing Asia’s largest Yotta NM1 data center. The township’s holistic ecosystem and quality residences can help investors earn lucrative rental yields in the marketplace, according to Hiranandani.

Panvel’s proximity to Mumbai is attracting homebuyers, and its growing population is leading to an increase in commercial and retail spaces, social amenities, educational campuses, research and development centers, banking, financial services and insurance, IT offices, and tourist destinations. Hiranandani dubbed the Panvel-Karjat region as “Mumbai NXT” because of its renewed connectivity with Mumbai and the dual advantage of the Jawaharlal Nehru Port Trust and the Navi Mumbai international airport. The Mumbai Trans Harbour Link connecting Mumbai and Navi Mumbai, a new coastal road, metro rail, multi-modal corridor, and water transport will lead to unprecedented real estate growth, the company said.

The Hiranandani Group has also announced plans to foray into redevelopment opportunities in Mumbai city and the Mumbai Metropolitan Area (MMR). The group has developed India’s first-ever mixed-used integrated township across geographies like Powai, Thane, Panvel, and Oragadam in Chennai. The group has also strategically forayed into emerging real estate asset classes like Industrial and Logistics Parks, Data Centre that marks its pan-India presence. Currently, the group is also actively evaluating redevelopment projects in Mumbai and MMR markets, according to a company statement.

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