Hiranandani Communities, Krisala expand partnership to Rs 20,000 cr projects

MUMBAI: The Hiranandani Group and Krisala Developers are expanding their partnership to four joint-venture projects in Pune and Nagpur, together holding a combined gross development value (GDV) of more than Rs 20,000 crore, reflecting burgeoning demand for quality homes beyond traditional metros.

The portfolio includes two new projects in Pune, a 100-acre golf lifestyle township development in Nagpur, in addition to their existing 105-acre township in Pune. The Pune pipeline comprises a new township, which the developers plan to start working on soon, and a commercial development spanning over 1.1 million sq ft in the city’s central business district.

The companies are acquiring and developing projects together, with the structure of each partnership depending on land ownership and the nature of the opportunity. The arrangement could involve outright property purchases or revenue-sharing agreements with landowners.


“We are not fixed on one model. The idea is to work together, and the structure will depend on the individual opportunity…The idea is to continue acquiring and developing projects as long as the relationship works well. Both sides retain their independence, and there is no fixed commitment that we will work exclusively with each other,” Niranjan Hiranandani, CMD, Hiranandani Communities, told ET.

According to him, the companies would continue to evaluate opportunities without committing to an exclusive or permanent arrangement.

“This partnership is growing steadily. Pune is one of the cities where we are moving forward together, and we will start working on another township there very soon,” said Aakash Agarwal, managing director of Krisala Developers.

The partnership follows their first joint project last year. Krisala has sold more than 3,500 units in the development, generating over Rs 3,000 crore in revenue over one year, Agarwal said.

Of the total over Rs 20,000 crore revenue potential, the first Pune project is estimated to generate over Rs 7,000 crore, while Nagpur project is expected to fetch revenue of Rs 2,100 crore.

The Nagpur project, spread across more than 100 acres, will have a nine-hole golf course, villas, townhouses, and plotted development.

The land has been aggregated through outright purchases and a joint venture with one landowner. The project will include plotted development covering around 2.1 million sq ft.

The developers are funding the Nagpur project internally and are not taking a bank loan at this stage, Agarwal said.

On the broader property market, Hiranandani expects conditions to remain strong over the next 12 months, with 2027 likely to be stronger than the current period.