Hiranandani to invest Rs 3,200 cr to redevelop 5 Mumbai housing societies

Realty firm House of Hiranandani will invest Rs 3,200 crore to redevelop five housing societies in Mumbai.

The company has presence in Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad and Chennai.

The company said it has signed additional redevelopment projects of 17 lakh square feet with a GDV (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 comprising 459 tenants include redevelopment of Maitri Park in Chembur East, admeasuring about 9 acres and Shrinagar Society in Chembur West, a cluster of four societies admeasuring 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.

Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani said, ..