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Hiranandani Communities is aiming to generate revenue exceeding INR 1,100 crore from the initial phase of its new residential project, The Arena, within the sprawling 588-acre Hiranandani Fortune City township in Panvel. Featuring around 600 units, the project taps into the rising demand for quality housing in the Mumbai Metropolitan Region, fuelled by increasing incomes, growing employment opportunities, and the migration of skilled talent seeking comprehensive living environments. The township has already delivered more than 2,200 apartments, with high occupancy rates and over 3,000 satisfied residents.
Real estate developer Hiranandani Communities is expecting to secure revenue exceeding INR 1,100 crore from the launch of the first phase of its new residential venture, The Arena, located in the Mumbai Metropolitan Region (MMR). This phase includes approximately 600 housing units, marking a significant milestone in the company's ongoing efforts to meet the region's growing housing demand. Advertisement
The Arena is part of the expansive Hiranandani Fortune City township in Panvel, which extends across 588 acres. This integrated township has already established a strong foothold in the market, having delivered more than 2,200 apartments with many towers experiencing high occupancy levels. The township boasts over 3,000 content residents, underscoring its appeal and success.
Niranjan Hiranandani, Chairman of Hiranandani Communities, highlighted that the growth potential of Panvel is being propelled by multiple factors. These include rising per capita income, the expansion of employment opportunities, and the inward migration of talent seeking holistic residential solutions that combine quality living with convenience and connectivity.
The project aligns with the company's vision to develop self-sustaining townships that address not only housing requirements but also lifestyle and community needs. The Arena's launch is expected to reinforce Hiranandani Communities' position in the MMR's real estate landscape and contribute meaningfully to the area's urban development.
The ongoing success of Hiranandani Fortune City illustrates a broader trend in Mumbai's outskirts, where demand is shifting towards large integrated townships that offer a blend of residential, commercial, and social infrastructure. These townships provide residents with access to schools, healthcare, retail, and recreational facilities within a single ecosystem, making them attractive to buyers and investors alike.
As the Mumbai Metropolitan Region continues to evolve with improved infrastructure and connectivity, projects like The Arena are set to play a pivotal role in shaping its residential market. Hiranandani Communities' strategic focus on Panvel positions it well to capture this growing demand, supported by favourable demographic and economic trends.
As Mumbai Metropolitan Region's suburbs transform into vibrant residential hubs, developers like Hiranandani Communities are instrumental in driving this change, reflecting a forward-looking vision for India's real estate future.
Source - PTI
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