02 December 23
Mumbai: Hiranandani Group has forayed into the property development management business under which the property developer will form alliances and provide development, construction, design, marketing, and sales-oriented solutions to other realty companies across the country. The Mumbai-based group will also assess potential partners- hips to revive stalled or stressed projects under its new business vertical named Eleva.
We are open to undertake both brownfield and greenfield projects
Leveraging a service-fee revenue model, Eleva by Hiranandani Group will provide consulting services to landowners and deve- lopers who have secured clear land titles and the necessary statutory approvals.
“In the first year itself, we are loo- king to forge alliances for projects spread over at least half a mil- lion sq ft worth over 1,000 crore in Mumbai. We are open to undertake both brownfield and greenfield projects and have received proposals from a few banks to take over certain pro- jects that they have lent to,” Niranjan Hiranandani, founder and ma- naging director, Hiranandani Group, told ET.
The company is aiming to forge partnerships for at least five pro- jects in the first year. Of these, the first project in the Oshiwara suburb of Mumbai has already been operationalised while a few more in locations such as Andhe ri’s Versova, Bandra’s Carter Road and Chembur are in the discussion stage. “The real estate industry is witnessing a rising trend of space and service integration. Through this newly introduced business model, we aim to forge new collaborations in this era of competition and leverage our expertise to enhance the customer value proposition,” Hiranandani said.
The company will provide strategic project development solutions and recommendations to ensure seamless execution of pro- jects for delivery within the stipulated timelines.
The new business vertical will enable the group to expand its geographical footprint, strengthen the brand’s market presence, and gene- rate additional revenue streams.
Source- The Economic Times