HIRANANDANI LANDS RS 800-CR DEALS

Search News

HIRANANDANI Upscale, a Hiranandani Group company, is learnt to have bought 135 acres in Bangalore, Chennai and Hyderabad for Rs 800 crore. According to a person involved in the transaction, the agreement has 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,” said the person. 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). When queried on the deals, Surendra Hiranandani, managing director, Hiranandani Group and Hiranandani Upscale confirmed that the company plans to start new projects in south India but refused to share exact details about the deals.

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. According to the same person involved in the deal, Hiranandani Upscale is in talks with around four private equity players—three foreign and one domestic—for raising equity to develop these projects. Mr Hiranandani said, “We are not in a position to share details but can only confirm that we are talking to some PE players for a partnership at an SPV level.”

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.
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.

   The deal for the deal in south India is important since there are not too many large deals taking place in the real sector today. In the recent past, deals have largely been taking place in Mumbai. Last month, DLF sold its stake in its Andheri-MIDC land parcel in Mumbai for Rs 200 crore while in May, DLF had also sold its stake in a property, also in Mumbai. The number of deals have dropped as a result of the economic downturn and a liquidity crunch.

Find Lawyer / Law Firm

Rights of the Transgender Community in a Corporate Environment

When it comes to transgender rights, our country is still eons behind when we compare it with other nations like the US and Brazil who have tapped into into Pink/LGBTQIA tourism in particular which More

Legal Consultation - Consult over phone, chat or send questions

Helplinelaw can set up your session with quality and experienced lawyers to discuss and resolve your legal matters. You can avail consultation in form of sending questions, phone call or webchat discussion  More