Hiranandani diversifies into affordable housing

After a successful stint in commercial and luxury residential development, Mumbai-based Hiranandani Communities, a real estate firm of Niranjan Hiranandani, is diversifying into affordable housing and industrial warehousing parks. The company is negotiating with a strategic partner to start work on its first warehousing park spread across 5 million sq. ft on a 250-acre plot it owns in Pune. The plan is to create a new industrial warehousing business worth ₹3,000 crore over the next few years. Besides Pune, it is also working on building industrial logistics and warehousing parks in Chennai and Nashik, where it owns around 200 acres and 77 acres, respectively. It is also scouting for land at other warehousing hubs such as Bhiwandi (near Mumbai), Kolkata, the NCR and a few locations in Bangladesh. In December, Hirananandani had launched GreenBase, a warehousing and logistics parks vertical.

: Published: 19 April 2019

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