Hiranandani: Rs 17K Cr Alibaug Township

Mumbai, Sep 29 (PTI) Realty firm Hiranandani Communities on Monday said it will develop a 225 acre township at Alibaug near Mumbai with an estimated revenue potential of Rs 17,000 crore.

The township 'Hiranandani Sands' will have luxury homes, signature villas, plotted developments, and branded serviced apartments.

Niranjan Hiranandani, Founder & Managing Director, Hiranandani Communities, said, "Hiranandani Sands is envisioned as a catalyst for Alibaug's real estate transformation, supported by improving last-mile connectivity and year-round access via sea, road, rail, and air."

The township will have an estimated revenue of Rs 17,000 crore, the company said.

"With rising demand for luxury homes, the township will appeal to domestic and NRI investors seeking premium coastal living, further supported by Integrated Township Project (ITP) incentives such as a 50 per cent stamp duty concession,” Hiranandani said.

The first phase of the township spans 3.3 lakh sq ft, comprising three residential towers with 330 units, all of which were sold out at launch.

Hiranandani Group has three operational townships at Powai and Panvel in Mumbai region, and Oragadam in Chennai.

Over the past four decades, the company has delivered about 35 million sq ft of residential and 15 million of commercial spaces. It has also diversified into industrial and logistics Parks.