House Of Hiranandani To Invest Rs 3,200 Crore To Redevelop Five Mumbai Housing Societies
The company said it is in the process of securing necessary approvals and plans to complete the redevelopment within the next 4-5 years.
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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.
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.
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)
