In just a week since its launch, the Hiranandani Group's new luxury development in Powai, Mumbai, has sold half of its inventory, generating sales of INR 1100 crore.
The first phase of the project includes 330 upscale homes with three to four bedrooms spread across three buildings. The homes range in size from 1100 sq ft to 1600 sq ft. The project will be completed by FY26 with an investment of INR 2000 crore from the group.
The Empress Hill project offers apartments priced between INR 5 crore and INR 10 crore. The rapid response to these premium homes indicates a growing interest in this category.
According to the Hindu, Niranjan Hiranandani, founder and MD of the Hiranandani Group, believes that the COVID pandemic and other economic factors have increased the demand for luxury homes.
Both domestic high-net-worth individuals (HNIs) and non-resident Indian (NRI) homebuyers have shown a positive response to the project. They expect timely delivery, high quality, price appreciation, and better rental yields.
Since its inception, the company has constructed and provided about 8.3 million sq ft. of land in Hiranandani Gardens, Powai. In total, it has built 48 million sq ft. of projects. This includes 35 million sq ft. of residential projects and about 14 million sq ft. of commercial buildings in Powai, Panvel, Thane, Chennai, and Ahmedabad.
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