by THO
Mumbai-based Hiranandani Developers announced a joint venture with Pune’s Krisala Developers on February 20 to develop a 105-acre integrated township. The project will feature luxury villas, branded residences, and more. The company plans to launch the first phase, covering 30 acres with a projected topline of ₹2,100 crore.
Colliers India, a real estate consultant, facilitated the transaction between Hiranandani Group and Krisala Developers.
According to Hiranandani Developers, the project is located in North Hinjewadi and will be developed under the integrated township policy and comprise residential, commercial and retail developments.
“The joint development currently launches Phase I development spanned across 30 acres of land with minimum potential of delivering 2 million square feet of real estate spaces. As part of a joint development deal, the investment in phase 1 development is estimated at approximately ₹500 crore, with a projected turnover pegged at approximately ₹2100 crore,” the company said in a statement.
Project to comprise villa plots, apartments and branded residences
The proposed development comprises apartments, villa plots, branded residences, and recreational amenities.
The joint venture aims to complete the full 105-acre development over the next 10 years, with an investment of over ₹2,000 crore and a revenue potential of approximately ₹7,000 crore.
“This strategic joint development aims to leverage the strong local expertise of Krisala Developers and the extensive brand experience of the Hiranandani Group. Both organizations are committed to a seamless integration of vision and expertise, covering every aspect from land development and approvals to execution,” the company said in its statement.
Under the agreement, both companies will hold a 50% equity stake in the project.
RERA approvals for the project are under process and the company expects to launch the same in the next three to four months.
“Mega infrastructure projects are establishing crucial last-mile connectivity between Mumbai and Pune, invigorating the dynamic Mumbai Metropolitan Region (MMR) and Pune real estate markets. This connectivity directly addresses the aspirational living demands of migrating talent. Pune’s real estate sector is experiencing robust growth, propelled by its booming IT hubs, outstanding connectivity, and an influx of skilled professionals,” said Niranjan Hiranandani, chairman, Hiranandani Group.
“The seamless connection between these two major business cities has opened unprecedented opportunities for real estate development. He additionally stated, “The Indian real estate landscape is evolving rapidly, and it’s clear that innovation and strategic collaboration are essential to achieving exponential growth,” Hiranandani said.
Hiranandani said that in the coming months it will also announce a project in Alibaug where the company holds 250 acres of land.
Aakash Agarwal, Managing Director of Krisala Developers said, “The development will cater to first-time homebuyers, second home seekers, investors, and NRIs, ensuring inclusivity and comfort for all demographics. Our collaborations with renowned energy and resource institutes aim to maintain an air quality index (AQI) of 40, ensuring a healthier living environment for residents.”
Krisala Developers on February 20 also announced its plans to foray into the Mumbai real estate market through the redevelopment route.
“We are pleased to announce the successful conclusion of a joint development deal between Hiranandani Group and Krisala Group. Our Capital Markets teams with deep market knowledge and handling complex business structures, could create value for all stakeholders. The mixed-use development will certainly go on to be a landmark establishment for the city of Pune, given the industry reputation and credibility of both the developers.”, said Piyush Gupta, Managing Director, Capital Markets & Investment Services, Colliers India.
