Hiranandani Constructions to develop Rs. 1,000-crore realty project in Ahmedabad.

Mumbai-based realty developer Hiranandani Constructions has acquired a 30-acre land parcel near Sanathal junction on SG highway close to Ahmedabad and is looking to develop a mixed-use project with an investment of nearly Rs. 1,000 crore.

Construction work for the project, which will include an IT park and a financial services' hub, is expected to start from March.'The total investment, including around Rs. 200 crore towards the cost of land, will be made over the next five +years,' Niranjan Hiranandani, MD of Hiranandani Constructions, told ET.

For now, the company will finance the project through internal accruals and will look at institutional funding while commencing work. However, it will not consider the option of inducting a private equity partner in the venture, he said.

'Economic growth and emphasis on infrastructure development in Ahmedabad has been encouraging. Employment generation and rising income levels have already been acting as a catalyst for the property market here,' Hiranandani said, while elaborating on the company's decision to venture into the Ahmedabad property market.


ET