Real estate developer Hiranandani Communities is planning to invest over Rs 1,000 crore to develop a premium residential project, which will spread over one mln sq. ft. in its mixed-use integrated township, Hiranandani Fortune City in Panvel near Mumbai.

The company has already received RERA registration for this new residential sector 'Golden Willow' in the township. The company is planning to develop residential apartments with one, two and three-bedroom configurations with carpet area ranging from 490 sq. ft. to 1,150 sq ft, which will cater to the requirement for branded luxury homes in the post-COVID era.

The development, which is expected to be completed in the next three years, will be funded through internal accruals and construction finance. However, the proposed investment does not include the cost of land that was acquired years ago.

The Panvel- Karjat region is gaining further traction with efforts for renewed connectivity with Mumbai. This includes Jawaharlal Nehru Port Trust (JNPT) seaport and Navi Mumbai international airport along with trans-harbour link, coastal road, metro rail, multi-modal corridor which is expected to drive growth. The Maharashtra government is planning to develop infrastructure and knowledge-based industries in and around Neral-Karjat region near Mumbai, and initiating development of Panvel and the Navi Mumbai Airport Influence Notified Area (NAINA) project as Mumbai 3.0.

The Hiranandani Group has developed mixed-use integrated townships across locations including Powai, Thane, Panvel, Oragadam in Chennai, and delivered 33.36 million sq. ft. of residential and 14.74 million sq. ft. of commercial real estate space till date. In particular, it has delivered over 2,200 apartments spread over 2.5 million sq. ft. of residential space in the township Hiranandani Fortune City, Panvel.