The Hiranandani Group, one of the leading builders in Mumbai, has offered residential units at a 20 per cent discount. This is a major sign of the economic slowdown that has impacted real estate. This, in turn, has forced companies to mark down property prices.
The Hiranandani Group, that has undertaken construction of iconic projects such as Hiranandani Gardens and Hiranandani Estate in the city of Mumbai, sold a 559 sq ft (carpet area) unit for around Rs 86 lakh at Rs 15,472 per sq ft last week in its project One Hiranandani Park. A similar unit was sold in March before the impact of the coronavirus pandemic was felt on the real estate industry, at a little above Rs 1 crore, or Rs 19,136 per sq ft.
Property consultants revealed to Moneycontrol that scores of deals that are available at a 20 per cent discount in the city of Mumbai which is often said to be the financial capital of India. In January, ready-to-move-in residential units, one in Ashoka Towers in Parel and the other in Omkar 1973 in Worli, were both available for around Rs 8.5 crore. After the coronavirus struck, the same units were available in May for Rs 7.5 crore and Rs 6.5 crore. Mumbai happens to be one of the costliest property markets in the world. Experts have often compared the real estate prices of Mumbai to New York. Therefore, such discounted prices in real estate are surprising, to say the least.
The Hiranandani Group which was entrenched in 1978 is into real estate, education, healthcare, hospitality, leisure and entertainment. Some of its projects include Hiranandani Gardens which is located in Powai, Mumbai. The Hiranandani Estate which is located in Lake Enclave in Thane, Rodas Enclave in Thane which is located close to the Ulhas River, and Hiranandani Heritage which is located close to Kandivali and Borivali Railway stations among others.
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