Dr. Niranjan Hiranandani on the Future of Indian Real Estate and Economic Growth
Dr. Niranjan Hiranandani, Co-Founder & Managing Director of Hiranandani Group, shares insights on the real estate market, India's growth prospects, and the emotional aspect of building homes.
Real EstateEconomic GrowthInfrastructureProperty InvestmentAi In Real EstateReal Estate MumbaiAug 11, 2025
Dr. Niranjan Hiranandani, known for redefining city skylines and creating entire geographies, believes that real estate is not just a business of the head but also of the heart. “When we’re creating homes for people, builders must put their heart into it,” he emphasizes.
According to Hiranandani, India’s real estate sector is on a strong growth trajectory. With the economy growing at 6–7%, infrastructure investment is crucial for job creation, which in turn fuels the entire ecosystem. “If we invest in real estate, it helps generate employment across the country,” he points out.
His journey into the real estate sector was far from conventional. Coming from a family of doctors, his father being one of the country’s top ENT specialists, Dr. Hiranandani trained as a Chartered Accountant and even taught in CA school. “Nobody in my family was sure about me doing business, but I had one aspiration to become a builder and create homes that are not just spaces to live in, but spaces that make people happy. I started with a dream, really,” he shares.
When he began, the challenges were significant. Borrowing from banks was more difficult than it is today, but this did not deter him. Today, he strongly advises young buyers to consider purchasing property, even with a small loan rather than renting. “When we are old, we cannot afford to build the home of our dreams. In India, we don’t have social security. Owning a home becomes a crucial investment for the future,” he explains.
Speaking about his son Darshan’s achievements, Dr. Hiranandani beams with pride. Darshan built 23 Marina, once India’s tallest building and now the second tallest. “I told him, this is the tallest building, how will you make it? Nobody has done anything like this before. He replied, ‘Which is why I want to build it.’” The proud father also highlights the mutual learning process between them.
Adding on the different aspects of his business, Dr. Hiranandani emphasizes the expansion into various sectors, including health and education. He also highlights five new properties across Mumbai and the newest one in Alibaug.
On the broader investment trend of Indians moving to Dubai, Dr. Hiranandani notes that while tax advantages are a significant draw, many also view Dubai as a desirable second home destination. However, he remains optimistic about India’s prospects. “We might look like we are struggling at times from an outsider perspective, but we are in fact the fastest-growing economy. By 2047, I believe we can be the top economy in the world. India has a beautiful growth story,” he asserts.
He is clear about what drives real estate growth in any country: opportunities, infrastructure, and public welfare. “India needs to focus on what we need to do, rather than what others think of us,” he says, citing issues like eradicating slums, providing water for all, and creating opportunities as key priorities.
Interestingly, the Hiranandani Group’s original vision was to create quality housing for the lower middle class, but the quality of work ended up attracting wealthy buyers, elevating the brand into the premium segment. “We wanted to make it available for everyone… but the richer buyers liked it too, and my properties became premium,” he reflects.
Looking ahead, Hyderabad is on his radar for expansion in the next 6–7 years, although there are no immediate plans. He also notes the transformative role of AI in the sector, from building layouts, models to communication, and believes those not embracing it are in the “past.”
Despite decades in the business, the “fire” is still alive. “One thing that hasn’t changed is the aspiration to do better, give a better deal the next time, create better ideas the next time. I was never in competition with other companies; my only competition was with myself,” he concludes.
Frequently Asked Questions
What is Dr. Niranjan Hiranandani's view on the future of the Indian real estate market?
Dr. Hiranandani believes that the Indian real estate market is on a strong growth path, driven by economic growth and infrastructure investment. He emphasizes the importance of real estate in job creation and overall ecosystem development.
Why does Dr. Hiranandani think it's important for young buyers to purchase property?
Dr. Hiranandani advises young buyers to purchase property, even with a small loan, rather than renting. He believes that owning a home is a crucial investment for the future, especially in a country like India where there is no social security.
What are the key priorities for real estate growth in India according to Dr. Hiranandani?
Dr. Hiranandani highlights the need to focus on opportunities, infrastructure, and public welfare. Key priorities include eradicating slums, providing water for all, and creating more job opportunities.
What role does AI play in the real estate sector according to Dr. Hiranandani?
Dr. Hiranandani believes that AI plays a transformative role in the real estate sector, from building layouts and models to communication. He emphasizes that those not embracing AI are in the past.
What are Dr. Hiranandani's plans for expansion in the next few years?
Dr. Hiranandani has his sights set on expanding into Hyderabad over the next 6–7 years. He also plans to continue developing new properties across Mumbai and in Alibaug.
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