Hiranandani fixes stressed realty assets on radar

    Hiranandani
    In an environ of tightening credit availability in the sector, real estate developer, House of Hiranandani has fixed distressed real estate assets on its radar as smaller players are finding it increasingly tough to survive in the new regulatory regime. Up till now, the company is only monetizing its land bank, but now it will also look at distressed assets and has already identified several opportunities in this regard and tied up a few land parcels, claimed, founder and MD, Surendra Hiranandani, adding that in an RERA era many cash-strapped local developers forging partnerships with organized players. With the advent of RERA, meeting deadlines is important and collaboration helps in completing projects within shorter timelines. It reduces the capital outgo by developers as the focus is on construction funding and delivery rather than land acquisition as it allows better cash-flow management, which leads to a reduction in overall project costs. Most reputed builders are now joining hands for joint development as it offers a cost-effective alternative to tedious land-buying processes as the advantage of joint development projects is that it helps monetize projects faster and brings greater value, he insisted.
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