Hiranandani Co Buys Land Worth Rs 800 Cr

Hiranandani Upscale, a fully-owned company of Mumbai-based developer Hiranandani Group, is learnt to have bought 135 acres in Bangalore, Chennai and Hyderabad for Rs 800 crore.

The agreement had been signed last month between Hiranandani Upscale and three individual sellers in these cities.

The three land parcels comprise 80 acres in Bangalore, 35 acres in Chennai and 20 acres in Hyderabad. Hiranandani Upscale plans to develop townships in these cities at a later date.

The sale of these land parcels have been on an outright basis and Hiranandani Upscale would make the payment in three tranches. It is believed that the company has paid an initial amount (token money).

Surendra Hiranandani, managing director, Hiranandani Group and Hiranandani Upscale said the company’s plans to start new projects in South India.

It is learnt that the company would be raising the funds for the deal through private equity investments at a special purpose vehicle (SPV) level.

Hiranandani Upscale is in talks with around four private equity players — three foreign and one domestic — for raising equity to develop these projects.

Hiranandani Upscale is an unlisted company and will focus on projects outside Mumbai with plans to enter the market in North India at a later stage.

According to the report, the Hiranandani group has plans to develop townships in the three cities on the lines of its Powai project in Mumbai. The projects in the three cities will target the higher income group.

It is gathered that the projects will commence in two years and could take another three years for completion.

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