Hiranandani Communities, a real estate venture of Niranjan Hiranandani, will start building affordable homes at its Oragadam township near Chennai soon, chairman and managing director Niranjan Hiranandani said.
“We are going to focus on affordable housing segment,” Mr. Hiranandani said. “The work will start in the next six months and we will offer homes for less than ₹20 lakh.”
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“There is a huge aspirational crowd commuting to this place from long distances for work. We are going to focus on this segment. Though we have not decided upon the number of dwelling units, we will earmark 10 acres for it,” he said, adding that the new project would be named ‘Aspire.’ According to him, the Oragadam integrated township, spread over 350 acres, will be a community with a mix of middle-income and rich people.
“We have already constructed and handed over low-rise buildings. We will offer Aspire with a single and double bedrooms ranging from 350-700 sq.ft. It will be offered for ₹3,000 per sq.ft.,” he said.
On the progress of the project, he said: “The base (township) is ready. We are now moving to the next level by expanding the range of activities. We are going to bring international school, multi-speciality hospital, kalyana mantap and retail shops.”
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Last October, Hiranandani Communities sold 4 million sq.ft. of commercial space in Powai to Brookfield Asset Management. “We have five million sq.ft. of commercial space under construction in Thane and Panvel. About 2.5 million sq.ft have been pre-sold and another 1 million sq.ft in the next six months,” he said.