House of Hiranandani, promoted by Surendra Hiranandani, is eyeing Delhi-NCR as its next destination to start residential project, besides looking at expanding its footprints to satellite cities such as Hyderabad and Pune.

The company, which has presence in Bangalore and Chennai, said it was looking to develop at least one million sq feet in the region. In Chennai and Bangalore, it is already in the process of developing about 15-20 million sq feet.

“We have been studying the market for the last three years. Delhi NCR as a region is a highly competitive market and we would want to have a presence here,” Neha Hiranandani, Director, House of Hiranandani, said.

According to various estimates, NCR is the largest residential market in the country by sheer volume of residential units launched. Currently, it has more units than the combined tally of the other five metropolitan cities of Mumbai, Chennai, Bangalore, Kolkata and Hyderabad.

Developers such as DLF, Unitech, MGF EMAAR, Tata Realty, Ansal, Orris Infrastructure, Assotech Ltd, Raheja Developers, CHD already have a strong presence in the NCR market.

Asked if the company would be looking to develop luxury projects in Delhi-NCR, she said, “We have homes to cater to all user brackets. The market in Delhi-NCR leans towards upscale to luxury and we would be ideally looking at such projects.”

House of Hiranandani has segmented its properties in three distinct categories –Signature (luxury housing), Upscale, (mid-segment) and Urbania.

“We have about 450 acres of land bank in various cities. Our projects in Hyderabad and Mumbai (for redevelopment) are in advanced stages of approval,” she added. The company, however, refused to divulge its turnover or investments plans.

Neha Hiranandani said the company has so far raised Rs 500 crore from three private equity funds at project-level equity.

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