Shortly after a $1 billion commercial property deal between realty developer Hiranandani and Canadian investor Brookfield in Mumbai, the former has decided to form yet another partnership to build Rs.3,000-crore equity partnership for its 3 million square feet (sq.ft) project in Thane, said sources, adding that Hiranandani is in talks with private equity investor Xander and Brookfield to form a joint venture for its commercial properties in an up-market township called Hiranandani Estate on the outskirts of Mumbai. Hiranandani Estate has about 3 million sq.ft of office properties and 200,000 sq.ft of retail space and is jointly owned by Hiranandani brothers. Last year, Tata Consultancy Services leased 2 million sq.ft office space in Hiranandanis' commercial project in Thane for an annual lease rental of Rs.100-120 crore, in the biggest office space deal in the country in recent years.
