Interview with Niranjan Hiranandani, CMD, Hiranandani Communities
What is the vision of Hiranandani Communities? We do not restrict our projects to the residential segment alone, and as part of this new initiative, our focus is on creating residential, commercial, and mix-use townships. Our townships in Mumbai include Hiranandani Gardens, Powai, Hiranandani Estate, Thane. Our latest project is located at Panvel, with Navi Mumbai, Ahmedabad, and Alibaug on the cards. Status of your first project in Chennai? Our project, Hiranandani Parks, is a 400 acre mixed-use, integrated township at Oragadam. The project offers high rise residential towers with a mix of luxury and affordable housing, and plotted land developments as well. It houses an international school, healthcare facilities, retail outlets, and restaurants. 3BHK apartments (1,859 sq.ft.) are priced at Rs. 75 lakh, and plots (1,200-3,000 sq.ft.) are priced at Rs. 22 lakh onwards. Why Oragadam? The area is developing at a fast pace and turning into a global automobile and industrial centre. Over 100+ global conglomerates are located in Oragadam and they offer close to 3 lakh jobs. In addition, there is an estimated FDI of 16 billion USD in the auto hub. Expected to have over 1 lakh residents over the next three years, we believe Oragadam is on its way to becoming the next real estate hotspot in Chennai’s suburban areas. The development plans of this suburb include the new international airport and an advanced road and railway network. Upcoming infrastructure projects the area include: Rail connectivity from Avadi to Sriperumbudur, dedicated freight corridor from Chennai to Bengaluru, a six-lane Chennai Peripheral Road from Sriperumbudur to Ennore port, and a 350-acre aerospace and logistics park in Sriperumbudur. How will the Real Estate Regulatory Act (RERA) impact the industry? The introduction of RERA will definitely bring in much needed transparency to the sector. It will bring in numerous benefits for the buyer and do away with fraudulent developers. Despite its many benefits, it will, however, dry up liquidity in the sector. Source: The Hindu
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