Real estate developer House of Hiranandani has entered into two separate agreements to undertake redevelopment of five housing societies in Chembur area in Mumbai with an investment of over Rs 3,200 crore. These projects hold a development potential of over 1.7 million sq. ft.

The work includes redevelopment of 'Maitri Park' spread over around nine acres in Chembur east and 'Shrinagar Society', a cluster of four societies measuring around six acres in Chembur west. These boast a gross development value (GDV) of over Rs 5,000 crore. The company is currently in the process of securing approvals from the government authorities for the projects. It expects to complete and deliver both the projects in a period of four to five years. The company has concluded and registered the agreements.

House of Hiranandani has developed separate business verticals to focus on residential society redevelopment, and slum rehabilitation projects. Its portfolio includes projects in Mumbai, Thane, Chennai, Bengaluru, and Hyderabad, as well as construction of over 12 million sq. ft. in the commercial segment.

Also, the developer’s maiden redevelopment project in Kandivali locality is nearing completion in 2025.