Mumbai: Hiranandani plans to invest Rs 1000 crore in residential project in Panvel

Hiranandani Communities is planning to invest over Rs 1,000 crore on developing a premium residential project consisting of three towers at Panvel.

The company plans to construct apartments 1, 2 and 3 BHK apartments in the price range of Rs 70 lakh to Rs 2 crore on the land parcel bought in 2008, Niranjan Hiranandani, founder and managing director of Hiranandani Group.

According to a report of Money Control, Company said the launch of 700 units in Panvel, registered with the Maharashtra Real Estate Regulatory Authority, comprises apartments ranging between 490 sq ft and 1150 sq ft of RERA carpet area. The company aims to tap the growing luxury home demand in Panvel. 

The dual advantage of JNPT seaport and NaviMumbai international airport along with MTHL, coastal road, metro rail, multi-modal corridor, water transport will lead to unprecedented real estate growth. As a result of this last-mile connectivity, suburbanization has become notable along with acceleration of commercial development and urban migration.