Hirco invests GBP 96.6 mn for developing in Mumbai
Hirco PLC the investment vehicle for Hiranandani, India's largest developer of prestigious mixed-use townships, on Thursday announced that it has invested GBP 96.6 million in a Residential Township development project located in Panvel, in the Mum...
By Agencies |
LONDON: Hirco PLC the investment vehicle for Hiranandani, India's largest developer of prestigious mixed-use townships, on Thursday announced that it has invested GBP 96.6 million in a Residential Township ("Panvel Residential") development project located in Panvel, in the Mumbai Metropolitan Region of India.
Mumbai has a population of approximately 16 million and is regarded as the financial and economic capital of India. The township itself is strategically located near the planned second Mumbai International Airport, major railways and is within driving distance of Mumbai's central business district.
Panvel Residential is a development consisting of 18.3 million buildable square feet of residential and retail space on 280 acres of land in Panvel, a rapidly growing corridor in the Mumbai Metropolitan Region.
The preliminary master plan of the township development calls for a mix of flats, townhomes and villas, designed to capture the increasing pent up demand for these types of residences. The large acreage allows for attractive, large open spaces with park-like settings and pedestrian corridors, offering a premium lifestyle at affordable prices.
The investment in Panvel Residential, which was identified as a Pipeline Project at the time of Hirco's flotation in December 2006, represents Hirco's fourth investment to-date.
"This investment in Panvel Residential complements our recent investment in the co-located commercial project and supports our strategy as India's largest developer of prestigious mixed-use townships for the increasingly affluent middle class in strategic growth locations," said Priya Hiranandani-Vandrevela, CEO of Hirco PLC. "We continue to bring together talent, experience, relationships and reputation to deliver communities and high quality
Mumbai has a population of approximately 16 million and is regarded as the financial and economic capital of India. The township itself is strategically located near the planned second Mumbai International Airport, major railways and is within driving distance of Mumbai's central business district.
Panvel Residential is a development consisting of 18.3 million buildable square feet of residential and retail space on 280 acres of land in Panvel, a rapidly growing corridor in the Mumbai Metropolitan Region.
The preliminary master plan of the township development calls for a mix of flats, townhomes and villas, designed to capture the increasing pent up demand for these types of residences. The large acreage allows for attractive, large open spaces with park-like settings and pedestrian corridors, offering a premium lifestyle at affordable prices.
The investment in Panvel Residential, which was identified as a Pipeline Project at the time of Hirco's flotation in December 2006, represents Hirco's fourth investment to-date.
"This investment in Panvel Residential complements our recent investment in the co-located commercial project and supports our strategy as India's largest developer of prestigious mixed-use townships for the increasingly affluent middle class in strategic growth locations," said Priya Hiranandani-Vandrevela, CEO of Hirco PLC. "We continue to bring together talent, experience, relationships and reputation to deliver communities and high quality
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