Hiranandani bags second residential project in Dubai

Hiranandani Constructions has bagged second residential project in Dubai, after their 90-storey tower of 1 million sq ft.

"We are immediately taking another residential building after the 90-storey tower. We are committed to a large expansion in Dubai," Hiranandani Constructions Managing Director Niranjan Hiranandani told PTI.

"But, we are still in the drawing board stage," he said choosing not to elaborate on it further.

Hiranandani's first project 23 Marina in Dubai is considered to be the world's tallest residential structure.

Besides Dubai, the company is looking at special economic zones and townships in Mumbai, Jaipur, Ahmedabad and other tier II cities. "Our projects in Powai and Panvel are special economic zone-approved," he said.

Unlike DLF, which entered the capital markets this year, Hiranandani doesn't plan to list in stock exchange. "We are not looking to enter the capital market at least for an year," he said.

However, one of their group companies Hirco has been listed in London's Alternative Investment Market. Hirco had raised $750 million.

"Of the $750 million, 70 per cent have been deployed in various projects and the remaining 30 per cent would be deployed in the next three months," he said.

Hiranandani is in talks with Apollo Group and Wockhardt for developing hospitals. "We would look at all aspects of the hospital business," he said. The company has a tie-up with Delhi-based Fortis Group.

The group is studying the opportunities to enter the hospitality industry, too, he said.