Hiranandani to foray into Pune, Bangalore

In a bid to expand its presence, real estate major Hiranandani group has decided to make forays into Chennai, Bangalore and Pune.

"We have already bought land for development in Pune,Bangalore, Chennai and some other areas," Niranjan Hiranandani,managing director, Hiranandani constructions.

They would be used for building residential as well as commercial complexes including it parks and retail stores, he added.

Hiranandani said the group has also won a bid to develop two floors of the municipal hospital in Vashi, in Navi Mumbai.

"We have won a bid of privatisation for two floors of the hospital containing a total area of 1,20,000 square feet," he said.

"The agreement for the same has already been signed between us and the other party but we have not got possession of the area as yet", Hiranandani added.

Asked on whether the company was planning an initial public offer to fund its expansion plans, he said that it was not thinking along that lines. Terming the ruling in the mill lands case as a failure of the housing policy, Hiranandani said that the judgement is retrospective.

The ruling is a failure of the housing policy, he said adding that it is also likely to impact those who have brought loans for buying the land as well as flats in those areas.