Indian Real Estate: Township Developments

by : Propertiesmls

As part of its expansion strategy, the next two years will see Niranjan Hiranandani Group, a Mumbai-based realty firm focus on township developments on the peripheries of Tier I and Tier II cities.

With a strong presence in and around Mumbai, the Hiranandani Group is planning to extend its footprints across India, eyeing new markets, such as, Chennai, Bangalore, Hyderabad, including Gujarat and Rajasthan as part of expansion plans.

'Beginning with Chennai, where we are developing a townshi p called Triveni, we will be focusing on these new markets,' Hiranandani says, adding 'apart from the township in Chennai, we are also looking at an IT base there,' adding, $200-million will be invested in the Chennai project, while investments for other projects are in the process of being firmed up.

However, according to Hiranandani, Hirco Plc, a group company, which recently raised $750-million on the London-based Alternate Investment Market (AIM), would be investing the entire amount in its projects over the next one year, with approximately, one-third of the amount having been invested in Chennai, where the Group is developing around 700-acres.

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