 "House of Hiranandani plans a dramatic Rs 3,200 crore redevelopment of five aging housing societies in Mumbai, transforming urban living.")
House of Hiranandani is set to invest Rs 3,200 crore to redevelop five housing societies in Chembur, Mumbai, which will involve a total of 459 tenants. The redevelopment projects include Maitri Park and the Shrinagar Society. This initiative is part of the company’s broader plan to explore the redevelopment of aging structures in Mumbai, addressing the city’s space constraints. The firm aims to secure the necessary approvals and complete the redevelopment within the next four to five years. With over 40 years in real estate, House of Hiranandani has successfully delivered more than 25,000 homes and developed significant commercial space, making it a prominent name in the industry.
House of Hiranandani Announces Rs 3,200 Crore Redevelopment Project in Mumbai
Real estate firm House of Hiranandani is set to invest Rs 3,200 crore to redevelop five housing societies located in Chembur, Mumbai. This initiative involves comprehensive redevelopment of these communities, making way for modern infrastructure and improved living conditions. The company has entered into development agreements for a total area of 17 lakh square feet, with a gross development value estimated at Rs 5,000 crore.
The five housing societies involved, which include Maitri Park and Shrinagar Society, will benefit approximately 459 tenants. With plans for the redevelopment expected to take around 4-5 years, House of Hiranandani aims to obtain all necessary approvals promptly.
Surendra Hiranandani, the company’s Chairman and Managing Director, emphasized the necessity of redevelopment as a solution to Mumbai’s constrained space and aging infrastructure. He highlighted that the city is filled with old buildings that require modernization to create sustainable and livable communities.
With over four decades of experience in the real estate Market, House of Hiranandani has also developed more than 12 million square feet in commercial real estate and delivered 25,375 homes to date.
For those interested in real estate development trends in Mumbai and the innovative approaches being taken to improve urban living standards, this project by House of Hiranandani is a significant development worth following.
Tags: House of Hiranandani, real estate, Mumbai redevelopment, Chembur housing societies, urban development, infrastructure investment, sustainable communities.
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What is Hiranandani planning to do in Mumbai?
Hiranandani is planning to invest 3,200 crores to redevelop five housing societies in Mumbai. -
Why are these housing societies being redeveloped?
These societies are being redeveloped to provide better living conditions and modern facilities for the residents. -
How will this redevelopment benefit the residents?
The redevelopment will offer improved homes, better amenities, and a more comfortable living environment for the residents. -
When is the redevelopment expected to begin?
The exact start date for the redevelopment has not been announced yet, but planning is underway. - Will residents have to move out during the redevelopment?
Yes, residents may need to temporarily relocate while the redevelopment work is being done, but arrangements will be made for them.
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