Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,941.3031.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

Hiranandani group to invest Rs 500 crore on new housing project in Mumbai

According to a latest report by PropTiger.com, housing sales declined 25 per cent in nine major cities to 65,799 units during the July-Sep quarter, while new launches fell 45 per cent as consumers sentiments and demand remained subdued.

PTI|
Oct 20, 2019, 06.20 PM IST
0Comments
BCCL
real estate
Recently, Hiranandani group announced an investment of about Rs 1,000 crore to develop 115-acre industrial and logistics park in Chennai. (Representative Image)
NEW DELHI: Realty firm Hiranandani group will invest about Rs 500 crore to develop a new housing project in Mumbai.

The company will construct 500 one-bedroom apartments in the first phase of the project named 'Regent Hill' at Powai.

The company's chairman Niranjan Hiranandani said the project is registered with the real estate regulatory authority RERA.

"This is more of an end user friendly project – although it also comes across as a perfect investment option too," he added.

The total project cost for the first phase is estimated at around Rs 500 crore, a company spokesperson said.

The new project is close to Hiranandani group's township project Hiranandani Gardens that comprises of world-class hospital, an international school, a five-star hotel and retail areas.

Hiranandani group is selling apartments in this project at Rs 1.25 crore onwards.

The housing sector is witnessing very limited launches during this festival season because of poor demand and unsold inventories lying with real estate developers.

According to a latest report by PropTiger.com, housing sales declined 25 per cent in nine major cities to 65,799 units during the July-September quarter, while new launches fell 45 per cent as consumers sentiments and demand remained subdued.

Recently, Hiranandani group announced an investment of about Rs 1,000 crore to develop 115-acre industrial and logistics park in Chennai.

Also Read

Mumbai-Bangalore Indigo flight returned to Mumbai, currently under inspection

Guardians of Mumbai: Khanderi-Underi and Arnala

GPX Global Systems opens data centre in Mumbai

Mumbai Central is India's first 'Eat Right Station'

Sharad Pawar to hold meeting of NCP MLAs in Mumbai

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service