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House of Hiranandani has secured redevelopment rights for an approximately 3-acre land parcel in Borivali West, Mumbai, where it plans to develop a premium residential project. The project is expected to generate around INR 3,000 crore in revenue from a saleable carpet area of 7.6 lakh sq ft. The development will include rehabilitation for existing residents alongside over 850 new homes for sale. The project reflects continued redevelopment-led supply in Mumbai’s suburban markets, where land availability remains constrained and developers are increasingly relying on redevelopment opportunities to expand their portfolios.
House of Hiranandani has secured redevelopment rights for an approximately 3-acre land parcel in Borivali West, Mumbai, and plans to develop a premium residential project with an estimated revenue potential of around INR 3,000 crore, according to a company statement issued in the past week. Advertisement
The project will be executed under a redevelopment model, wherein the developer will provide new housing for existing occupants while creating additional inventory for sale. The development is expected to generate revenue from a total saleable carpet area of about 7.6 lakh sq ft.
As part of the redevelopment plan, the company will construct around 380 residential units for existing members of the society, in line with standard rehabilitation obligations. In addition, the project will include more than 850 free-sale residential units, which will be marketed to homebuyers.
Borivali West, located in the north-western part of Mumbai, has emerged as an active micro-market for redevelopment projects due to limited availability of greenfield land and established social infrastructure. Developers have been increasingly focusing on such suburban clusters to unlock value from ageing housing societies and meet demand for upgraded residential stock.
The company stated that the project will be positioned as a premium residential development, although further details regarding configuration, pricing, and execution timelines were not disclosed.
House of Hiranandani, founded by Surendra Hiranandani, has a presence across multiple cities including Mumbai, Thane, Chennai, Bengaluru, and Hyderabad. The group has delivered more than 50 million sq ft of real estate across residential and mixed-use developments.
The Borivali West redevelopment adds to the company’s pipeline in Mumbai, where redevelopment continues to remain a key route for project expansion. With a defined mix of rehabilitation and free-sale components, such projects form a significant portion of new housing supply in the city, particularly in established suburban locations where demand for modern housing remains consistent.
Source - PTI
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