House of Hiranandani Signs Rs 5,000 Crore Redevelopment Projects in Mumbai

Mumbai / September 12, 2024: House of Hiranandani is set to expand its presence in Mumbai’s redevelopment sector. The company has announced the signing of new redevelopment projects totaling 1.7 million sq. ft., with a gross development value (GDV) of Rs 5,000 crore, a statement from the company said. 

The Company has entered into registered development agreements with five major housing societies in Chembur and plans to invest Rs 3200 crore. These five housing societies in Chembur comprising 459 tenants includes redevelopment of Maitri Park in Chembur East and Shrinagar Society in Chembur West, a cluster of four societies. The company is in process of securing necessary approvals and plans to complete the redevelopment within the next 4-5 years, the statement added.   

Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani, said, “Redevelopment of established societies is a new opportunity that HOH would like to explore. Today, Mumbai city has no space for expansion. The older regions of Mumbai are full of old and dilapidated buildings with insufficient infrastructure. Considering the scarcity of space, redevelopment of these buildings is an ideal solution that can unlock potential of these spaces, create world class infrastructure and amenities for the residents and also transform the clogged spaces in to planned sustainable and liveable communities… Along with Chembur we are looking forward to aggressively explore other locations for redevelopment in Mumbai. Our recent redevelopment project Castalia in Kandivali is nearing completion in 2025.”