Niranjan Hiranandani, Co Founder & MD, Hiranandani Group

Yash Ved, IIFL | Mumbai | January 21, 2015 17:38 IST

"With increasing ready reckoner rates, the biggest loser will be the government.”

Niranjan Hiranandani, Co Founder & MD, Hiranandani Group has virtually revolutionized the real estate industry in the country. A qualified Chartered Accountant, his first spark of recognition in the construction business came with the Group’s project at Versova, Andheri in the mid-eighties. Niranjan Hiranandani is a Business Leader with a combination of qualities like sharp professional business acumen, concerned citizen with social awareness, Industry leader with up to date knowledge, and above all, ensuring that the company gives value to every Customer.
 
Hiranandani Group’s construction activities were launched in 1981. Their mega projects in Powai commenced in 1987 and in Thane in 1996. Hiranandani Gardens, Powai, Hiranandani Estate, Thane & Hiranandani Meadows, Thane are township projects epitomizing architecture marvels embraced with modern infrastructure of concrete roads, water supply, 100% effective sewage systems installed, solar panels, afforestation for eco-friendly township, adequate power supply and high tech communication networks.
 
Replying to Yash Ved of IIFL, Niranjan Hiranandani says "With increasing ready reckoner rates, the biggest loser will be the government.”
 
What outlook do you see for real estate sector and for industry as a whole?
We have to think, what growth will be achieved going forward as the Government is planning to achieve 25mn houses by 2022.
 
We expect growth in terms of Infrastructure and real estate sector. We will see more change in affordable sector, taxes, policy levels, rental housing schemes and will also see growth in peripheral of cities.
 
Brief us about your current and upcoming projects in residential, commercial and retail space?
We are looking at two townships, one at Powai and Thane. The company has also launched Hiranandani Zen, 1bhk apartment priced at Rs​ ​1.24 crore.
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The new mixed -used township project is commenced at Chennai & Panvel known as Hiranandani Parks, & Hiranandani Hills under the brand name " Hiranandani Communities ". To begin with company has started the commercial establishment of around 2mn sq.ft area at Panvel SEZ mainly focusing on IT & financial services.​ Residential developments has also started at Hiranandani Parks, Chennai.
 
What is your take on increasing ready reckoner rates?
With increasing ready reckoner rates, the biggest loser will be the government.
 
Your take on land acquisition norms?
The land acquisition norms will be an advantage for the real estate sector. This bill will also be an advantage for the projects in Ports, Railways segment.
 
What is your view on real estate prices?
We are looking at increasing real estate prices​ with growth in infrastructure development leading to higher GDP.​
 
Any plans for IPO?
We are not looking at IPO or any fund raising.​
 
Our projects are based on self funding method.​
 
Are you looking to develop realty project in Ahmedabad?
​Ahmedabad is the next hot spot destination in the land of opportunities, Gujarat. The group has acquired land of about 2,50,000 sq ft in SEZ. ​It will mainly tap IT & financial services companies.
 
Brief us about the launch of RODAS Enclave?
RODAS Enclave is the latest project launched in the sprawling township of Hiranandani Estate, Thane comprising of 18 buildings. RODAS describe “Swarag” on earth and true to its meaning this niche project is here to recreate the magic. In fact, it is the harbinger of a new era of living and lifestyle in Thane. RODAS Enclave epitomizes the concept of spacious living a formidable shape and new dimension. It’s colossal. It’s elite. It’s grand. It’s breathtaking.
 
Located in the vicinity of Ulhas River, Rodas Enclave emulates the character and persona of its alma mater - the Hiranandani Estate. Its vista and the expanse are analogous to an era of unlimited luxury, which is limited only by time.
 
Figuratively, Rodas Enclave is luxury raised to the power of your imagination. Picture this 18 majestic buildings of 18, 24, and 28 floors, lavish 2, 3, 4 and 5 BHK apartments, a floating clubhouse, a magnificent green zone, numerous avenues of recreation and entertainment all of these perched on an elevated podium. All the towers would be built on podium garden; the apartments won't just be smarter in looks but larger in size too. The range of choice begins from 2 BHK to 5 BHK, all bigger by measure than the standard norm.
 
What will be the advantage with FDI coming in for real estate sector?
Relaxation in the policy for Foreign Direct Investment (FDI) in the construction sector, and it is a welcome move,. The relaxation in policy is easing of exit norms and reducing built-up area and capital needs. This will help attract foreign funds in construction of townships, hospitals and hotels​.​The revised norms in the policy effectively impact the three year lock-in period for repatriation of investment​.
 
The revised norms relating to Construction Development Sector has been notified by the Department of Industrial Policy and Promotion (DIPP)​.​Consider that India allows 100 per cent FDI in the sector through the automatic route, and the importance of the revised norm ​will ​become apparent​.​Under the revised norms in the policy, the minimum floor area requirement has been reduced to 20,000 sq mt from 50,000 sq mt earlier.It also brought down the minimum capital requirement to USD 5 million from USD 10 million​ is a welcomed move.The revised norms should result in enhanced inflows into the construction development sector. I expect the measure to be a positive in terms of creation of much needed low cost affordable housing in the country, as also development of smart cities​.​​

 

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