Realtor Hiranandani to invest up to Rs3,000 crore in next 1 year

Mumbai-based realty major, the Hiranandani Group, plans to invest Rs2,000-3,000 crore in the next one year for developing residential complexes and commercial spaces, a top company official has said.

"We will invest Rs2,000-3,000 crore in the next one year to construct residential and commercial structures," Hiranandani Constructions co-founder and managing director Niranjan Hiranandani said.

He, however, declined to reveal the markets in which the company would be investing in.

"We are currently focusing on Ahmedabad, Nashik and Pune. We are already coming up in a big way in Chennai, Bangalore and Mangalore."

The Group is also eyeing a big play in the power generation segment and is in the midst of setting up a 2,500mw project with an outlay of over Rs10,000 crore, he said.

The project, which marks the Group's foray into the power generation business, is located near Pune.

The project will come up in three phases, with Phase-I generating 350 MW power, but the venture is facing certain environmental clearance issues, a company spokesperson said.

The Group, which also owns luxury hotels Rodas and Melhua - The Fern, plans to expand its footprint in the segment in India and overseas through the inorganic route, Hiranandani said.

"We are looking to acquire a couple of hotels in India and Dubai...we are waiting for the right opportunity to make our move," he said, adding the acquisition size would depend on the hotels the Group ultimately zeroes-in on.