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New Delhi: Realty firm <keyword id="20847750" type="General" weightage="20" keywordseo="house-of-hiranandani" source="keywords">House of Hiranandani</keyword> will invest Rs 3,200 crore to redevelop five housing societies in <keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>. The company has presence in <keyword id="19932542" type="General" weightage="20" keywordseo="mumbai-metropolitan-region" source="keywords">Mumbai Metropolitan Region</keyword> (MMR), Bengaluru, Hyderabad and Chennai. The company said it has signed additional redevelopment projects of 17 lakh square feet with a GDV (Gross Development Value) of Rs 5,000 crore. "The company has entered into registered development agreements with five major housing societies in Chembur and plans to invest Rs 3,200 crore," House of Hiranandani said in a statement. These five housing societies in Chembur comprising 459 tenants include redevelopment of Maitri Park in Chembur East, admeasuring about 9 acres and <keyword id="23131883" type="General" weightage="20" keywordseo="shrinagar-society" source="keywords">Shrinagar Society</keyword> in Chembur West, a cluster of four societies admeasuring about six acres. The company said it is in the process of securing necessary approvals and plans to complete the redevelopment within the next 4-5 years. <keyword id="23140485" type="General" weightage="100" keywordseo="surendra-hiranandani" source="keywords">Surendra Hiranandani</keyword>, Chairman and Managing Director, House of Hiranandani said, "Redevelopment of established societies is a new opportunity that House of Hiranandani would like to explore. Today, Mumbai city has no space for expansion. The older regions of Mumbai are full of old and dilapidated buildings with insufficient infrastructure." "Considering the scarcity of space, redevelopment of these buildings is an ideal solution that can unlock the potential of these spaces, create world class infrastructure and amenities for the residents and also transform the clogged spaces into planned sustainable and liveable communities," he said. House of Hiranandani has an experience of over four decades in the real estate industry. Along with residential, House of Hiranandani has also constructed over 12 mn square feet of area in the commercial sector. Till date, House of Hiranandani has delivered 25,375 homes and developed 45.82 million square feet of residential and commercial real estate.

House of Hiranandani to invest Rs 3,200 crore to redevelop 5 housing societies in Mumbai

Realty firm <keyword id="3077082" type="General" weightage="50" keywordseo="hiranandani-communities" source="Orion">Hiranandani Communities</keyword> will invest Rs 1,000 crore to develop a new housing project in Mumbai to tap rising demand. The company has launched a new housing project - 'Golden Willow' - in its mixed-use integrated township '<keyword id="8644858" type="General" weightage="50" keywordseo="hiranandani-fortune-city" source="Orion">Hiranandani Fortune City</keyword>' at Panvel. The company plans to develop 1 million square feet of residential space in this project, comprising around 700 units. The apartment size ranges between 490 sq ft to 1,150 sq ft of carpet area. The company will invest Rs 1,000 crore to tap the growing mid and luxury home demand in the Panvel realty market, <keyword id="221666" type="General" weightage="100" keywordseo="hiranandani" source="Orion">Hiranandani</keyword> Communities said in a statement on Thursday. The project will be funded by construction finance and internal accruals. The ticket size ranges from Rs 70 lakh to over Rs 2 crore. Niranjan Hiranandani- CMD- Hiranandani Communities, said, "the launch of this new residential sector is in alignment with the market buoyancy as the company seeks to capture strong demand for branded luxury homes post-COVID." In Hiranandani Fortune City, the company has already delivered 2200+ homes across 2.5 million square feet of residential space and 2 million square feet of commercial space, housing Asia's largest <keyword id="4065412" type="General" weightage="50" keywordseo="yotta" source="Orion">Yotta</keyword> NM1 data centre. He further said that "The Panvel realty market is currently booming as a new economic node with the commissioning of mega infrastructure projects. This has already led to the increase in property prices index northwards." The region is also witnessing the foray of many organised and branded developers to capitalise on the new growth opportunities, Hiranandani said. The Group has developed many mixed-used integrated townships across geographies like Powai, Thane, Panvel and Oragadam (Chennai). The group has strategically forayed into emerging real estate asset classes like industrial and logistics parks, a data centre that marks its pan-India presence. Currently, the group is also actively evaluating redevelopment projects in Mumbai and MMR (Mumbai Metropolitan Region) markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-flags-pain-in-us-markets-says-banking-sector-crisis-has-led-to-cuts-in-discretionary-spending/articleshow/99458916.cms">TCS flags pain in US markets, says banking sector crisis has led to cuts in discretionary spending</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/india-incs-revenue-growth-in-q4fy23-to-halve-to-10-12-crisil/articleshow/99459285.cms">India Inc's revenue growth in Q4FY23 to halve to 10-12% : Crisil</a>

Hiranandani Group to invest ₹1,000 crores to develop a new housing project in Mumbai

<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li>In today’s interview, <keyword id="8064806" type="PERSON" weightage="20" keywordseo="Prashin-Jhobalia">Prashin Jhobalia</keyword>, Vice President, Marketing Strategy, <keyword id="3018793" type="PERSON" weightage="20" keywordseo="House-of-Hiranandani">House of Hiranandani</keyword> tells us how the lockdown has impacted business and how they have re-caliberated their <keyword id="852798" type="PERSON" weightage="20" keywordseo="marketing-strategies">marketing strategies</keyword> to navigate the new normal. </li></ul>India has now been under lockdown for more than a month now and the effects are visible in different sectors. The way the world functions has seen a complete overhaul. People have been self-isolating, venturing out only to get essentials. Moreover, considering we are still seeing the infected numbers go up everyday, there’s a possibility that the lockdown will be extended beyond May 3. The lockdown has led to a complete shutdown of work for mediums like OOH and experiential. Even the Print media is suffering with more and more advertisers pulling out their marketing monies. In such a scenario, what are brands that rely heavily on these mediums navigating the situation? <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">Real estate</keyword> is one segment that invests a lot on OOH as well as Print. To understand the current situation, we recently caught up with Prashin Jhobalia, Vice President, Marketing Strategy, House of Hiranandani who told us about the effect of the current lockdown on their brand and how they are working towards ensuring that the impact is reduced. Edited excerpts: Q) How have the past few weeks been for the brand, considering the country has been in a lockdown? The COVID-19 pandemic has exposed the marketing fraternity to some unique challenges. For a real estate brand like us, selling apartments from a makeshift office at home was unthinkable. However, the realities have been harsh and we have been compelled to stay up during these trying times. Adoption of new technology, unique manner of reaching customers and communicating sensitively has been the new norm for the team. Marketing and sales have been completely driven digitally and the results have been astonishingly great in conditions as this. Q) What kind of business impact is the current situation having? What kind of expectations do you have from the rest of the year? COVID-19 has resulted in economic disturbance across the globe. All investment assets including the stock market, gold have been impacted greatly due to the virus scare. Among such circumstances real estate, which remains immune to instant economic instability, seems to be a safe bet for investment and will prove to be a frontrunner in such volatile conditions. However, since home buying involves a huge investment and also is an emotional decision, after lockdown is lifted home buyers will prefer visiting the property once before closing the deal. We expect to see a rise in conversions once the situation normalizes. Q) What is your marketing strategy right now? How have you been trying to continue building a connection with your audience? Has there been a change in your media mix? While there has been immense challenge on the economic front due to COVID -19, we have aggressively upgraded our existing digital ecosystem using which our sales teams can meet potential customers digitally. We have deployed a series of new prop techs such as 360 degree tours of projects, virtual realty, and video conferencing to provide the buyer with an immersive experience of the property. Through these digital tools we have successfully given them a sense of what the brand has to offer, even while the buyer is situated at a distance and has never visited the property. Our digital promotions are working well and we have witnessed a rise in the number of enquiries. Serious home buyers, from domestic and international markets are using this time to digitally experience the property along with their family members and solve all their property related queries. Increased focus in digital mediums has also definitely called for an increase in spends for the digital mediums than the expenditure done before the COVID-19 crisis. Q) What are a few key learnings for you as a brand in the last few weeks? The COVID-19 pandemic has made us realize certain situations which we could have never imagined could be a possibility. Continuing with business functions in such challenging times has taught us the importance of being agile. The crisis has made brands understand the importance of adapting new mediums of communication and being digitally sound. While brands maintain the connect with their customers, it is also a time to have relevant communication and yet be sensitive without sounding opportunistic. Q) If the lockdown is extended beyond May 3, will you be tweaking your marketing strategy further? Our existing digital strategy is working well. There are no plans to make any changes in the strategy at present. Q) How do you think you as a brand have been making a difference in spreading awareness/contributing to the society at large? House Of Hiranandani is a brand involved in developing communities and creating social infrastructure such as schools, departmental stores, day care centres within these communities. Our ethos have been to create an environment where the day to day needs of most of the consumers are fulfilled within these townships. Staying digitally connected with their audience and the society at large has become extremely pertinent for every brand during the lockdown period. We too have been connecting with our customers through our social media platforms and are adopting interactive and engaging communication methods to engage with them digitally. We have been providing regular updates related to the infection to our customers and are also informing them about the protective measures which they can adopt to stay away from the disease. Also, we have undertaken welfare initiatives towards labourers at our construction sites and dissuaded them from leaving the site to their hometown. Q) There's a thin line in terms of a brand's communication in times of crisis where marketing communications can be misread as opportunist or even insensitive. How are you working around this tightrope and ensuring there isn't any miscommunication? These are unprecedented times where each one of us is perplexed, anxious and are looking for solutions. At such an hour, Brands can take the onus on themselves and can play that critical role in reducing fears and pass on important information to educate and enlighten the public at large. As a leading brand, we too have been trying our best towards contributing to the society at such trying times and have tried to reduce the panic among our audience by keeping them engaged through our engaging initiatives and communication. For instance, we recently conducted a campaign through our online portals where we shared several activities with our consumers which they can do for 21 days to beat the monotony of the lockdown and ensure that the health and wellness of their family members is intact. Our brand has also been constantly supporting the various government initiatives and through our engaging content and campaigns we have been trying our best to motivate people to stay safe and stay indoors. We believe that we can overcome this global crisis through collective effort and hence we have been contributing through our small actions to benefit the society at large.

Marketing in the times of Covid-19: House of Hiranandani

There has been a spate of discussions over how <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> is likely to impact the <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> sector in 2017. Some say prices could tumble as much as 30%, while alternative opinion from the builder community has opined prices will remain steady and demand will go up. 
 The Hiranandanis engaged in the real estate sector, however, feel it will be an extremely favorable year for <keyword id="6371902" type="UNKNOWN" weightage="20" keywordseo="home-buyers">home buyers</keyword> on back of strong reforms implemented in 2016. 
 According to <keyword id="1294081" type="PERSON" weightage="20" keywordseo="Surendra-Hiranandani">Surendra Hiranandani</keyword>, Chairman and Managing Director of <keyword id="3018793" type="UNKNOWN" weightage="20" keywordseo="House-of-Hiranandani">House of Hiranandani</keyword>, buyers should exploit the first quarter of 2017 to cash in on some excellent deals in the real estate sector. 
 
He explains why – “To begin with, borrowing rates are expected to taper off in 2017 given the huge influx of money in the banks post demonetisation. This can set off a cycle, wherein lower rates of interest will direct borrowers to avail more loans at attractive interest rates. In future, owing to low returns it will not be feasible to park one's savings in bonds or fixed deposits, so consumers will prefer to buy property in the future.” 
 
Notably, a simple back of the hand calculation shows that a 1% reduction in home loan rates will lead to almost 7.5% savings in EMI, thereby putting more money in the hands of the consumers. 
 
The official economy will see a positive growth in the following months, elevating the purchasing power of the consumer, encouraging the consumers to invest more. But there is a reason why Surendra is stressing on buyers acting swiftly - “Home buyers can get excellent deals in the market as the industry has just begun to adjust to the new rules. This holds true especially for the first quarter of the year as most developers will look to sell existing inventory, so consumers must make the most of this opportunity and purchase property at attractive prices. New launches, however, will get impacted early on so the demand for available inventory and ready to move in homes will increase." 
 
He adds - "The rise in demand will ensure that prices remain firm and start the ascent once again. So, it will only benefit those buyers who act swiftly and purchase the property in the interim period." 
 
Developers will stand to gain too 
 
While the first three months may test the waters for the real estate sector, as the year progresses the tide will turn in favor of the developers as well. There will be a spurt in demand as buyers will return to the market owing to attractive rates and good deals. 
 
Surendra says - "The coming year will also see the demand shift from secondary market to primary construction owing to erosion of cash-linked sales. This will lead to better inventory utilization and ensure launch of new projects in the second half of the year. We can also expect significant foreign investments in the sector and increased participation from financial institutions, owing to better transparency and credibility post the policy changes initiated last year." 
 
Also, Demonetization will not affect the established players as transactions take place only through the legal route. The commercial real estate sector will also not be hurt as they cater to office/industrial leasing where all transactions are done through banking channels. 
 
The demographics of our country, Surendra says, ensure that the real estate sector needs to grow to meet the demands of an ever growing economy. India is currently growing at 6% per annum, but could reach double digits by 2019 if deregulation is in place. 
 
He concludes - "The future of India and the future of real estate are intertwined with each other..."

Here's why the first quarter of 2017 is the best time to invest in real estate

For a country where a home is more than just four walls and a roof, buying a home is usually the coming true of the dream of a lifetime. The past couple of decades has witnessed Indian <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> also turning into an asset class, where real estate measured in square feet, as represented on excel sheets, was shown to appreciate at a rate far exceeding other asset classes. The Global economic slowdown meant this was history, but investors still tend to expect maximised returns on investments in real estate. 
 
Effectively, this gives us two totally different sides of the same coin: real estate as a means of creating a home seeker’s own home, and real estate as an asset class. Given this sort of dual effects, it was a problem bound to happen: the home seeker found prices going sky-high wherever the investor exited with a good RoI. Beyond a point, the buyer slowed down, given the increase in price-points, so the exit for investors became difficult. 
 
In this scenario, neither the home seeker is happy, nor is the investor. The real estate industry faces a challenging time both ways, be it from the perspective of the investor or the end user. A segment of real estate developers went in for corporate way of working, bringing in transparency and a professional manner of working. This was the beginning of Indian real estate assimilating Global Best Practices. Over the past couple of decades, we see this reflected in aspects of the design form including architecture, structural stability, enhanced use of new technology, all of which have played a major role in the growth of Indian real estate. 
 
As Indian real estate developers started working in other countries – we have done a project, 23 Marina in Dubai, U.A.E. - the knowledge take-away was also utilised back home in India. So, we learnt about growth in quantitative terms. Obviously, In sync with these, we had issues that also started getting our attention, and ‘self regulation’ was one such topic. It had been discussed among real estate developers over the past few years. The important question was: ‘self-regulation’ vis-à-vis ‘regulation by a legal process’ i.e. enactment of a Regulatory Act with corresponding Rules. 
 Industry bodies like <keyword id="6404896" type="ORGANIZATION" weightage="100" keywordseo="NAREDCO">NAREDCO</keyword> have been working on the aspect of self-regulation, some initiatives did happen – but these were at best ‘voluntary’, and it was just a matter of time before the ‘official’ regulator ultimately came through. 
 When the Real Estate Regulatory Authority (<keyword id="114913" type="COMPANY" weightage="100" keywordseo="RERA">RERA</keyword>) was first mooted in India, it came with some positive points, and one major stumbling block. What was positive: it will change the way real estate developers function very simply, by bringing in transparency and accountability, ensuring a corporate style of working, and effectively, enhance confidence level of home buyers. So, the first impact of RERA should be positive for both, real estate developers as also home buyers. 
 
Along with the positive aspects, for the real estate developer community, RERA also incorporates aspects which are worrisome: interpretation from the initial documentation suggested that blame for delayed delivery or late possession of a real estate project to a unit buyer was entirely laid at the doorstep of the real estate developer. 
 
Effectively, this seemed to create an uneven playing field, one where the developer would be responsible for delays caused by other agencies or authorities. So, there were protests against the unfair norms which placed entire blame on developers. This was sadly, misconstrued as opposition to cleaning up the system – which certainly was not the case. Effectively, the worry is that RERA will end up favouring home buyers at the cost of builders and developers. 
 
As of today, RERA is a reality, and the challenge for real estate developers post RERA’s implementation is to transact their businesses in a corporate manner, bringing in transparency and professionalism – which effectively, should ensure that homebuyers get their promised homes on the promised date. 
 Post RERA, the new scenario will ensure all <keyword id="4520474" type="UNKNOWN" weightage="100" keywordseo="developers-and-builders">developers and builders</keyword> follow financial discipline, ensuring that they do not transfer funds meant for one project for another. Effectively, this is a positive measure, as it will ensure sufficient funds for the projects to get completed and timely delivery of flats to the home buyers. 
 
To ensure that this happens smoothly, the industry needs to move ahead, from ‘ease of doing business’, the powers-that-be need to move on to provide “a single window” system for getting mandatory clearances from various central and state authorities. Secondly, authorities must ensure time-bound completion of infrastructure like roads, water and electricity supply as well as local transport system so that the right sort of urbanization takes place. 
 
In conclusion, I would say that while builders will benefit from the changes that RERA will bring in, the enhanced trust quotient for home buyers would obviously be the best part of the RERA. 
 
(About the Author: This article has been contributed by Dr.Niranjan Hiranandani, President, NAREDCO West)

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House of Hiranandani to invest Rs 3,200 crore to redevelop 5 housing societies in Mumbai

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Hiranandani Group to invest ₹1,000 crores to develop a new housing project in Mumbai

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Marketing in the times of Covid-19: House of Hiranandani

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Here's why the first quarter of 2017 is the best time to invest in real estate

Anushree Singh

RERA is a game changer for real estate

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