The Hiranandani Group has recorded sales of Rs 1,100 crore only a week after erecting three towers of 3 and 4BHK luxury homes in the central Mumbai district of Powai, according to a statement.
The business stated in a statement that an investment of Rs 2,000 crore has been set aside to create the luxury housing project, which is expected to be finished by 2026 under the Real Estate (Regulation and Development) Act, 2016.
According to the firm, the Empress Hills Complex project is part of the Hiranandani Gardens development.
The project has a total carpet area of 3.3 lakh sq ft that will be marketed over 330 apartments, 250 of which are currently on the market. Within a week, the business sold 150 of the 250 units.
The remaining units may be auctioned at a later date. It is common practice for real estate developers to keep certain unsold apartments in a project to resell later at a higher price.
The apartments are offered in three and four bedrooms, with typical sizes of 1,100 and 1,600 square feet, respectively. According to the corporate release, the pricing range for these units is between Rs 6 crore and Rs 10 crore.
“The Covid-19 pandemic quandary and geo-economic vagaries have fuelled demand for ownership housing. Significant factors like a rise in disposable income, the capitalization of alternative income avenues, better job prospects, an enticing capital market, a strong desire for spacious, lavish homes, and the buoyancy in luxury home sales demonstrate a growing appetite from affluent homebuyers,” said Niranjan Hiranandani, founder, and managing director, Hiranandani Group.
After almost a decade, the business has finally unveiled a project in the Hiranandani Gardens township.
“The Powai launch will cater to the soaring demand for luxury apartments, a holistic ecosystem, sustainable development and happy community living. The project has a proven track record of perpetual price appreciation and generational wealth creation for its homebuyers. The company is optimistic about optimal revenue from the luxury residential project in FY23,” the company statement said.
According to the corporation, Powai is well-linked by road, has nearby suburban train stations, and has easy access to the airport.
“A walk-to-work model within townships draws in C-suite professionals, expats, unicorn startups, established entrepreneurs, and millennials from all walks of life. This green utopian neighborhood abounds with social amenities such as education, healthcare, hospitality, fine dining, high-street retail, entertainment of global repute, and modern amenities,” the company said.
