Hiranandani’s Forays Into Leisure Homes, About To Launch Two Projects Worth Rs.6, 000 Cr.
By Accommodation Times Bureau
Realty developer Hiranandani Communities has forayed into the evolution of leisure homes with two of its new projects in Khandala and Alibaug near Mumbai. The developer, better known for destination developments, is planning to invest Rs 6,000 crore in these ventures, informed a top company official.
The developer company is working on the launch of the both Khandala and Alibaug projects, which will be 800 acres -550 acres in Khandala and 250 acres in Alibaug . The company will develop it in several phases including plotted developments for luxury villas. .
“Hiranandani Group companies have been successful in the mixed-use integrated townships, now it is time to try something new like leisure. We have identified two locations, Khandala and Alibaug. In both these locations, we will create integrated townships with leisure as the central theme. Both locations have tourism and second homes as the central aspect; so it was logical for us to plan both as integrated leisure townships,” said Niranjan Hiranandani, CMD, Hiranandani Communities.
These projects may also plunge to develop luxury hotels, sailing clubs and water sports hubs.
Hiranandani informed, “For both projects, we are looking at investment of Rs 3,000 crore each”. As part of first phase of Alibaug development, to be known as Goa-esque Alibaug, the company will be offering 43 villa plots each with a size of 5,000 sq ft at Nagaon village for price of Rs 1 crore. Currently, the location has floor space index or permissible development limit of 0.5 times.
“Leisure-themed projects are either hill-based or waterbased. We opted to do both. Khandala is the closest hill station to Mumbai, while Alibaug, located just a few hour’s drive from Mumbai, has everything that Goa offers. Once the Ro-Ro ferry starts operations between South Mumbai and Alibaug it will be just 20 minutes away,“ he added.
Hiranandani also anticipates better connectivity to entice higher tourist circles, impulsing the region’s development . It will also help in opening new avenues for commercial development, generating potency to launch new hubs in the Konkan region, making it a better amusement hub.