DNA spoke to Niranjan Hiranandani, managing director of the Hiranandani Group, on real-estate development prospects on the periphery of Mumbai.
DNA spoke to Niranjan Hiranandani, managing director of the Hiranandani Group, on real-estate development prospects on the periphery of Mumbai. Excerpts:
Opportunities for townships on Mumbai’s periphery
We are gung-ho about the periphery of all metros because large plots of land are available only on the outskirts. Mumbai offers similar opportunities. Land is scarce in the city and townships give developers scale and volumes along with sops under the Town Planning Act.
Panvel is not the new development hub
I will not rate Panvel as the next high-growth area as everyone else seems to be doing. The region lacks a local civic authority that can provide water, sewerage, and other amenities. The area is at least three years away from development. Though we too own land in the area, I would sell that if I get a better opportunity elsewhere. That is so because I feel the region is hyped. Developers will need to keep a three- to six-year horizon for the area.
Mumbai airport will not give Panvel a leg up immediately
These things take lot of time to materialise. There are better opportunities in areas such as the Thane-Bhayandar Road, where there is an existing planning and local authority. These areas are also well developed.
Other peripheral regions are worth considering
The fastest developing region will be the Thane-Bhayandar Road. Next comes Vasai-Virar, and the rest follows. For instance, there are Panvel, Alibaug, Mumbai-Pune, Mumbai-Nashik, and Mumbai-Goa highways.
Exit from Panvel property is possible
I don’t have an ego which will make me hold land just because I own it. I might exit if I have to fund a better opportunity. Our group has done that in Virar. We bought and sold 1,000 acres to fund other activities. Many others followed us there and purchased properties adjoining ours.
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