The company will develop its 800 acres -550 acres in Khandala and 250 acres in Alibaug -in several phases
MUMBAI: Realty developer Hiranandani Communities has forayed into development of leisure homes with two of its projects in Khandala and Alibaug near Mumbai. The developer, so far known for destination developments, is planning to invest `. 6,000 crore in this venture, said a top company official.
The company will develop its 800 acres -550 acres in Khandala and 250 acres in Alibaug -in several phases. To begin with, the developer is working on the launch of the first phase of both Khandala and Alibaug projects and this will include plotted developments for luxury villas.
“Hiranandani Group companies have been successful in the mixed-use integrated townships, now it is time to try something new like leisure. We have identified two locations, Khandala and Alibaug. In both these locations, we will create integrated townships with leisure as the central theme. Both locations have tourism and second homes as the central aspect; so it was logical for us to plan both as integrated leisure townships,“ said Niranjan Hiranandani, CMD, Hiranandani Communities.
These projects are also expected to see development of luxury hotels, sailing clubs and water sports hubs.
“For both projects, we are looking at investment of ` . 3,000 crore each,“ Hiranandani said. As part of first phase of Alibaug development, to be known as Goa-esque Alibaug, the company will be offering 43 villa plots each with a size of 5,000 sq ft at Nagaon village for price of `. 1 crore. Currently, the location has floor space index or permissible development limit of 0.5 times.
“Leisure-themed projects are either hill-based or waterbased. We opted to do both.Khandala is the closest hill station to Mumbai, while Alibaug, located just a few hour's drive from Mumbai, has everything that Goa offers. Once the Ro-Ro ferry starts operations between South Mumbai and Alibaug it will be just 20 minutes away,“ he said.
Hiranandani also expects better connectivity to spark higher tourist arrivals, giving the region's development an impetus and open new avenues for commercial development including potential to create new hubs in the Konkan region.