Hiranandani Set to Redevelop 5 Housing Societies in Chembur, Mumbai with INR 3200 Crore Investment

The House of Hiranandani has signed agreements to redevelop five housing societies in Mumbai's Chembur suburb, marking a significant step towards urban renewal. With a total investment of over ₹3,200 crore, these redevelopment projects span approximately 15 acres and offer a development potential of more than 1.7 million square feet. The gross development value of these projects is estimated to exceed ₹5,000 crore.

Focus on Maitri Park and Shrinagar Society

Two major locations have been identified for the redevelopment: Maitri Park, spread across around nine acres in Chembur East, and Shrinagar Society, a cluster of four societies covering about six acres in Chembur West. These projects are set to rejuvenate the aging infrastructure in these areas, creating more livable and modernized communities.

Unlocking Potential Through Redevelopment

Surendra Hiranandani, Chairman and Managing Director of House of Hiranandani, emphasized the opportunity that redevelopment projects present in older areas of Mumbai. The initiative aims to upgrade dilapidated buildings and outdated infrastructure, transforming these spaces into planned communities with improved amenities. The company sees significant potential in redeveloping established areas with this approach.

Government Approvals and Project Timelines

The developer is in the process of securing the necessary approvals from government authorities for both projects. House of Hiranandani expects to complete and deliver the redeveloped societies within the next four to five years. While discussions with residents had been ongoing, the agreements for development rights have now been finalized and registered.

Exploring Other Key Micro Markets

Beyond Chembur, the House of Hiranandani is also exploring other redevelopment opportunities in key areas such as South and Central Mumbai. The company has developed separate verticals to focus on residential society redevelopment as well as slum rehabilitation projects. Their first redevelopment project, located in Kandivali, is set for completion in 2025.