Hiranandani Group Expands Redevelopment Efforts, Signs Two Societies in Bandra and Versova
Hiranandani Group, a major real estate player, is expanding its redevelopment portfolio by signing up two housing societies in Bandra and Versova. The company is also in talks with seven other societies across Mumbai.
Hiranandani GroupReal EstateRedevelopmentBandraVersovaReal Estate NewsMay 30, 2025
The two projects, located in Bandra and Versova, have a total saleable area of around 2 lakh square feet, sources added. Two societies have been signed up till now, and those projects are expected to be launched in the next few weeks, once all approvals are secured. The third project is also expected to be signed soon. In all, the Group is in talks with seven other societies, although it is unclear whether all seven will be signed, and the decision will be based on the viability of the projects.
The societies the company is in talks with are spread across most parts of the city, including the island city and both the eastern and western suburbs, according to sources. Hiranandani Group, which is largely known for its large-scale township projects in Mumbai, is also executing a slum rehabilitation project in Vikhroli, having taken it over from another developer. Operationally, the company has spun off redevelopment into its own vertical within the organisation, to identify projects and gauge their viability.
Moneycontrol has written to the Hiranandani Group for comment on the redevelopment move, and the report will be updated once a response is received.
Other projects include the Vista project at Oshiwara, Andheri (West), where the company is acting as the consultant developer under the Eleva brand. That project has a saleable area of around 3 lakh square feet. Recently, the group partnered with Pune's Krisala Developers and luxury resort operators Della, for a 105-acre township in western Pune's Hinjawadi, signaling its willingness to work with partners on projects. The Group has around 2,000 acres of land across various cities, including Panvel, Pune, Chennai, and some leisure and holiday destinations. Despite the move towards redevelopment projects, the group's focus is expected to be on township projects, according to market sources.
Hiranandani Group prefers to operate in the township segment, where it can control all development aspects, including the amenities, retail, and office projects, besides homes. The redevelopment projects are primarily opportunistic in nature, with the locations being promising in terms of revenue, said a Mumbai-based real estate observer.
The Hiranandani Group's entry marks an increasing number of large developers entering the redevelopment segment, especially in southern Mumbai and the western suburbs. Due to new development control rules, the restating of land values for legacy housing societies, and rising home prices, homeowners and developers alike have been keen to redevelop buildings into taller structures with larger homes. The opportunity serves as a win-win for both existing residents, who get larger and better-quality homes, and developers gain a large free-sale component, often in the premium and luxury segment, which carry better realisations.
Almost all major listed and large developers, both in Mumbai and elsewhere — including Macrotech Developers (Lodha Group), Godrej Properties, Rustomjee, Prestige Estates, Puravankara, Ajmera Realty, Wadhwa Group, and Runwal Realty — have latched on to the Rs 3 lakh crore opportunity and remain in talks with various societies. While the South Mumbai market has traditionally led the redevelopment, infrastructure development in the western suburbs — from Bandra to Borivali — has made these markets attractive to developers.
Frequently Asked Questions
What is Hiranandani Group's main focus in real estate?
Hiranandani Group is primarily known for its large-scale township projects, but it is also expanding into the redevelopment segment in Mumbai.
How many societies has Hiranandani Group signed up for redevelopment so far?
Hiranandani Group has signed up two societies in Bandra and Versova and is in talks with seven other societies across Mumbai.
What is the total saleable area of the two signed projects?
The two signed projects in Bandra and Versova have a total saleable area of around 2 lakh square feet.
What other projects is Hiranandani Group involved in?
Hiranandani Group is involved in the Vista project at Oshiwara, Andheri (West), and a 105-acre township in western Pune's Hinjawadi, among others.
Why are developers keen on redevelopment projects in Mumbai?
Developers are keen on redevelopment projects due to new development control rules, restated land values, and rising home prices, which make these projects lucrative and beneficial for both developers and residents.
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