Hiranandani Group’s new luxury project in Powai, an eastern suburb of Mumbai, has already garnered sales worth ₹ 1100 crore within a week of its launch, with half of its inventory getting sold.
The upmarket residences with three and four-bedroom configuration consist of 330 units in the first phase spread across three towers with sizes ranging from 1100 to 1600 square feet. The group said that it would invest ₹ 2000 crore in the project, which is expected to be completed by FY26.
The ticket size of the units in the project, Empress Hill, range from ₹ 5 crore to ₹ 10 crore and the response is an indication of the brisk demand that the luxury segment is attracting.
Rise in demand
Founder and MD of the Hiranandani Group, Niranjan Hiranandani, said that the demand for luxury housing across key property markets has been fuelled by the Covid pandemic and geo-economic vagaries.
“Also, the significant factors like a rise in disposable income, the capitalisation of alternative income avenues, new hirings, an enticing capital market, an underpinned desire for swanky apartments, is demonstrating a burgeoning appetite from the affluent homebuyers,” he said.
The project has received a good response from domestic HNIs and NRI homebuyers who expect timely delivery, good quality, perpetual price appreciation and higher rental yields.
The company has built and delivered nearly 8.3 million square feet of residential real estate space in Hiranandani Gardens, Powai since inception. It has also constructed and delivered about 48 million square feet of real estate, including 35 million square feet of residential properties and nearly 14 million square feet of commercial and retail properties in Powai, Panvel, Thane, Chennai and Ahmedabad.