The Hiranandani group has launched a premium residential project in Panvel, Mumbai, involving ₹1,000 crore investment.
The project, called ‘Golden Willow’, offers 1 million sq ft of residential space and apartments of one-, two- and three-bedroom, hall, kitchen configurations. The prices start from ₹70 lakh and delivery is expected three years from now.
The apartment sizes, in terms of carpet area, range from 490 sq ft to 1,150 sq ft.
The founder and chairman of the group, Niranjan Hiranandani said the launch “aligns with the market buoyancy as the company seeks to capture strong demand for branded luxury homes post-Covid.”
The Mumbai-based real estate developer has another project, too, in the area called ‘Hiranandani Fortune City’, which has delivered over 2,200 units — 2.5 million sq ft of residential space and 2 million sq ft of commercial space; it also houses Asia’s largest data centre, operated by a group company.
Hiranandani added that the real estate market in Panvel was booming as a new economic node with the commissioning of mega infrastructure projects. “This has already led to an increase in the property price index.”
Other organised and branded developers, such as Godrej Properties and the Wadhwa group, also have projects coming up in Panvel.
The Panvel- Karjat region has been nicknamed Mumbai NXT, due to its growing popularity as a place of business and residence with connectivity set to improve with a coastal road, metro rail, multi-modal corridor and water transport. The upcoming international airport at Navi Mumbai is an added attraction.
Over the last few years, there has been an acceleration in commercial development in the area as commercial and retail spaces have mushroomed, along with social amenities.