Hiranandani Gardens, Powai Bags Integrated Township of the Decade Award

A special award for ‘creating a township with a distinctive skyline and for setting new benchmark in Real Estate Industry with unique and unparalleled design’ was conferred on Niranjan Hiranandani, CMD, Hiranandani Group.

The special award, for ‘Integrated Township of the Decade’, was conferred at the hands of the Chief Minister of Maharashtra Devendra Fadnavis, who presided over the 10th edition of the CNBC-AWAAZ Real Estate Awards on 10 March 2016 at Regal Room, The Trident, Nariman Point, Mumbai.

The award was for the landmark project, Hiranandani Gardens, Powai. “It has been a journey of creating landmarks which turn into benchmarks,” said Niranjan Hiranandani. “The project recently celebrated its 25th anniversary, and this award is an acknowledgement of it having evolved into a benchmark,” he added.

In 1980, Powai was a ‘middle of nowhere’ location, situated between Vikhroli and Andheri, largely known for a barren, hillside quarry, said Niranjan Hiranandani. “The Hiranandani Group acquired and started developing 250 acres of land in Powai, and it was as if a magic wand had been waved. Today, Hiranandani Gardens, Powai is one of the most sought after real estate ‘hot-spots’ in Mumbai, and is an ideal example of multicultural community living, a flourishing, upscale neighbourhood, with enviable Infrastructure and connectivity,” he added.

Hiranandani Gardens, Powai is arguably, the pioneer of the integrated township model, one where ‘walk to work and walk back home’ became a reality. The Hiranandani Business Park (HBP) powers the workspaces segment in Hiranandani Gardens, Powai; where the integrated township model has proved to be a trendsetter. It created holistic communities that go beyond just luxury housing, and include schools, hospitals, gardens, green spaces and play spaces, entertainment options, shopping avenues and commercial business districts too, he said. 

“It is not just homes that were built, rather it was the creation of lifestyles, which defined what Community Living was all about. Hiranandani Gardens, Powai offers everything one might desire to lead a fulfilling life. It reflects a vibrant global community, where people from different backgrounds live together and celebrate the spirit of life, and this award perfectly captures it: ‘creating a township with a distinctive skyline and for setting a new benchmark in Real Estate Industry with unique and unparalleled design’,” said Niranjan Hiranandani.

“Hiranandani Gardens is a neo-classical architectural marvel nestled amidst the verdant Powai Hill, strategically located opposite the serene Powai Lake. For me, beyond awards and platitudes, it is a place where more than 4000 families stay, and call ‘home’,” he concluded.

A Good Budget for Economy; Not much for housing sector: Niranjan Hiranandani

The Union Budget presented by Finance Minister Arun Jaitley has very little to offer for the sagging real estate sector in India, though on broader prospective, proposals on REITs and infrastructure investments would help in the long run, opines Niranjan Hiranandani, MD, Hiranandani Constructions Pvt. Ltd.

Niranjan Hiranandani

Commenting on the budget proposals for real estate in India, Hiranandani said, the past few months have witnessed a much improved real estate scenario driven by positive sentiments which was further augmented by RBI’s announcement to reduce interest rate.

The RBI was expected to introduce moves that would help reduce home loan interest rates for some months, and when it happened - it was a pleasant surprise, he added.

Expressing disappointment over the budget proposals, he said, “From a real estate perspective, a lot was expected – which sadly, wasn’t to be found in the Finance Minister’s Budget Speech.”

However, he also listed a few positive points for real estate sector from the finance minister’s budget speech. Clarity on rationalizing capital gains on REITs, Clarity on increasing housing stock to 2 crore houses in urban and 4 crore houses in rural areas, and Hike in investment in infrastructure by Rs 70,000 crore.

There are other ‘positives’ in the Budget Speech that will impact the economy, which in turn, will impact real estate, he said, adding, “For example, the abolition of wealth tax will attract more investors to invest in real estate.”

The individual tax payer will benefit to the extent Rs 4,44,200 from the indirect income tax exemptions announced, that in turn will be a positive as it has the potential to result in more home buying. Similarly, the announcement about setting up an expert committee for legislation on making a pre-existing regulation to expedite approvals, which will move towards the single-window clearance system, he opined.

Similarly, the proposal to rationalize capital gains tax for REITs and infrastructure investment trusts is a positive move, in line with expectations.  “The takeaway here is that it will help raise funds for commercial real estate, and will also be an alternative trading avenue,” explained Hiranandani.

“So overall, I would term the budget as a positive one, should have a good effect for the country’s economy,” he added.