Hiranandani to relaunch Chennai, Panvel townships

Bengaluru: Hiranandani Developers Pvt. Ltd is planning to revamp and relaunch the two townships that it bought this year for around Rs.1,000 crore in the next few months, said a top company executive.

The two townships, spread across 157 acres in Chennai and 588 acres at Panvel in Navi Mumbai, have been stalled for nearly two years.

Hiranandani bought the Panvel project in October and decided to call it Hiranandani Hills. The project in Chennai, which the real estate firm bought in an electronic auction earlier this year, will be called Hiranandani Parks.

“We are in the process of revamping the initial project plans as per feasibility. Therefore, we should be in a position to relaunch within next 3 to 6 months,” said Niranjan Hirananandani, chairman of Hiranandani Developers.

Both the upcoming projects belonged to Hirco Plc, an investment company that raised around $350 million on the Alternative Investment Market (AIM) in London in 2006 to invest in real estate projects in India, that were going to be managed by the Hiranandanis. Niranjan Hiranandani was the then Hirco chairman, till he resigned from the board towards the end

Both the upcoming projects belonged to Hirco Plc, an investment company that raised around $350 million on the Alternative Investment Market (AIM) in London in 2006 to invest in real estate projects in India, that were going to be managed by the Hiranandanis. Niranjan Hiranandani was the then Hirco chairman, till he resigned from the board towards the end of 2010.

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MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.

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