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N. Ramakrishnan

Chennai , Aug. 5

THE Mumbai-based Hiranandani group, a large real estate developer, is all set to enter the Chennai market with a project on the Old Mahabalipuram Road.

According to reliable real estate industry sources, the Hiranandani group has acquired 100 acres of land at Navalur for about Rs 120 crore. It plans to develop a residential township with some commercial facilities.

When contacted, Mr Surendra L. Hiranandani, Managing Director, Hiranandani group, said the process of acquisition was on and the group hoped to complete the deal in the next 30 to 60 days.

He said the group was looking to expand its business beyond Mumbai and was interested in projects in Chennai, Bangalore, Pune and Hyderabad. It would look at projects on its own or jointly with local partners. He said announcement for projects in these cities would be made shortly.

Mr Hiranandani said the group's residential projects had a mix of retail and commercial space, which was the model it would follow in the other cities.

With over 100 million sq ft of construction, the group is looking to take its mix use and township development strategy to the other cities.

He said the group had taken up a project in Dubai that would cover 1.2 million sq ft of built-up space at a cost of Rs 700 crore.

This building will have 90 storeys and be completed in three years. It is being executed with a local partner.

Mr Hiranandani said the group's turnover would be over Rs 900 crore.

Apart from real estate projects, the Hiranandani group has interests in entertainment, health care, hospitality, retail and call centres.

Its businesses include Rodas - a business hotel in Mumbai, The Loft - a multi brand footwear store, The Culture Shop - specialising in handicraft items, Arista Homes - an interior firm, and Hakone - an entertainment and leisure centre.

Ultimately, the group would like to have all these businesses in other cities.

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