Latest news with #NiranjanHiranandani
Indian Express
4 hours ago
- Business
- Indian Express
Court accepts ACB closure report in Powai land ‘fraud'
ACCEPTING THE closure report filed by the Anti-Corruption Bureau (ACB), a special court has said that no criminal case is made out into allegations of a Rs 30,000-crore land fraud in Powai, clearing businessman Niranjan Hiranandani and others. The proceedings related to the allegations that in the Powai Area Development Scheme intended for affordable housing, losses were caused to the public exchequer by diverting the land for the construction of luxury apartments by developers, including Hiranandani. Special Judge S E Bangar on June 2 accepted the 29-page closure report filed by the ACB, while also rejecting a protest petition filed by activist Santosh Daundkar. 'There is no material worth the name to even create a suspicion indicative of any offence by the accused persons,' the court said. It also said that around 8,000 residents of the housing scheme have not filed any criminal complaints or supported the complainant, Daundkar, and ruled that he is neither a resident nor an investor in the scheme. Stating that the case was of a 'civil nature', the special court also said that proceedings before the Bombay High Court related to the housing scheme had been disposed of and in light of compliance done by the developers, nothing was brought on record to infer any criminal offence. The ACB began its probe into the allegations in 2012 but had filed a closure report in 2013, which was first rejected by the court in 2018 and a further probe was ordered. The ACB reinvestigated and again submitted a closure report in 2019, maintaining that no offence was found. The ACB said that the issues raised were that of policy and contractual violations and were not of criminal culpability. For development of the Powai area, a tripartite agreement was executed between the state of Maharashtra, Mumbai Metropolitan Region Development Authority and Hiranandani Developers Pvt Ltd on November 19, 1986, related to 232.32 acres of land. The agreement required development of 50 per cent flats each of 40 sq metres and 80 sq metres, and 15 per cent of the developed flats to be handed over to the state. It was alleged that instead of low-income affordable housing, unauthorised amalgamated luxury units were constructed, leading to commercial exploitation of land and violation of the terms of the agreement. The ACB, while seeking closure of the case, relied on orders by the high court, where separate proceedings were filed, referring to three Public Interest Litigations, which were disposed of in 2023. The ACB argued that the order settled the issue and no grievance remains. The high court had disposed of the PILs, observing that all contractual obligations under the 1986 agreement were fulfilled and compliance was made of its earlier interim orders, including directions for the construction of 2,661 flats of the agreed upon square metres and handing over of 256 flats to the government. Daundkar had claimed that the PILs addressed compliances with housing policy but criminal culpability remained. His plea seeking access to internal notings related to the scheme were rejected by the court stating that they were 'confidential'. 'There is no alleged breach of terms of the tripartite agreement, any other irregularities and illegal acts found to be committed by the accused/respondents,' the court said, putting an end to the long-pending proceedings.
Economic Times
21-05-2025
- Business
- Economic Times
Niranjan Hiranandani forecasts historic growth in Maharashtra real estate, powered by policy clarity
"Whether a private developer who does redevelopment or is going for slum rehabilitation is able to make affordable housing in a city like Mumbai?," says Niranjan Hiranandani, Hiranandani Group. ADVERTISEMENT After a long 18 years, finally the Maharashtra housing policy is going to be passed. Tell me, is it going to go far enough in addressing the state's massive housing shortfall, especially when it comes to the affordable segment? Niranjan Hiranandani: Let me tell you it is unprecedented. It is unbelievable. It is fantastic. The vision and the statement is out of the world. This is an equivalent amount which the prime minister had done when he first became the prime minister under the PMAY scheme. He had talked of 70,000 crores of rupees under the PMAY scheme for the whole of India. Now Mr Devendra Fadnavis now on this new policy is talking about 70,000 crores of investment direction for the purposes of Maharashtra alone, so that is a big statement. Number two, they are talking about every segment of society in terms of doing it, whether it is slums, whether it is rehab, whether it is inclusive housing, whether it is green buildings, whether it is residential in the industrial areas where there will be walk to work, all these factors are taken into consideration for the purposes under the new policy. So, fantastic policy, fantastic comprehensive thing whatever it is. However, he has not left it to chance. What has he done? He said I am making an information portal under AI which will monitor everything that is going to be done. So, it is not just a statement of fact that he is doing but he is probably making a road map which will actually be monitored in his state of things as he does in the case of infrastructure projects, the war room which he has put when he first became the chief minister and did the Atal Bridge, the coastal road 300 kilometres of metro. Now, housing seems to be the new focus which he is also talking about. So, three things – one, size and scale including every aspect of society, including industrial, including inclusive housing, looking at every aspects of housing which is to be done and monitoring it carefully to the finish. ADVERTISEMENT A combination of events I have not heard from Maharashtra for a long period of time on the housing side, never. So, it is unprecedented and fantastic. If it actually gets executed, there will be a paradigm in respect of homes and housing in Maharashtra in the next five years. But also, you have been quite vocal about the need for affordable housing. So, will this policy bring back the momentum for private capital and institutional investments into affordable housing because, of late, we have seen a lot of these real estate developers exit this segment, but do you think that this policy offers assurance and incentives to the private developers to now is the time to make a comeback? Niranjan Hiranandani: Yes and no. Yes, because a lot of incentives are being given for the purposes of affordable and inclusive housing. So, yes, that direction will be there. But whether private players will be able to make affordable housing or not, that depends on other policies. So, for example, the ready reckoner rate in Mumbai is so high, so high, and that it is unable to get the additional FSI on redevelopment at a reasonable rate. ADVERTISEMENT So, whether a private developer who does redevelopment or is going for slum rehabilitation is able to make affordable housing in a city like Mumbai? Answer is no. But with government incentives which obviously will follow for the purposes of this area of segment of society, maybe it will change, but they will have to relook at a lot of additional FSI charges which are now being levied by the state government, the stamp duty, other development charges which are levied by the corporation and state government also. So, then only affordable housing can be done by the private sector. But obviously, government's intent in order to do this irrespective of whether it will be done through the private sector or the government sector is to be seen depends on how they implement the policy and the changes they make which are consequent and necessary to implement the policy if they want the private sector to do it. ADVERTISEMENT Also, want to get your view on how this policy is going to affect a land bank development in the city. Do you think this is going to help unlock land for mass housing projects in key regions like MMR and Pune because that is also one of the focus areas that the policy aims to achieve? Niranjan Hiranandani: 100%, it will definitely make a difference because ultimately land has been made available because that is in the periphery of Mumbai, periphery of Pune. We have a large number of land and land banks which can be developed into it. ADVERTISEMENT Government is also working on all those schemes. If you see the plan for Mumbai 3.0 around Mumbai area where we have the airport, where we have the MTHL, where we have the Panvel-Karjat railway line coming up in the next two years, plus the elevated road from Chirle to the Pune Highway. All these factors will actually go in for a huge amount of development. Also, Navi Mumbai, Panvel area will get a huge boost. Also, the periphery of Pune especially on the direction on the Mumbai side of it will get a bigger boost because the new airport is coming. So, the opening of the new airport will also bring the new airport on this side of Pune. So, this development is definitely going to happen, but we are looking forward to consequential policies in terms of taxes and additional FSI rates and charges which are very high at this point of time, but the answer is yes affordable housing will get created in the periphery of both these areas. We understand that the policy has big goals and as much as it is a welcome step for Maharashtra real estate. Help us understand if you see any on ground challenges in the execution of this policy. Niranjan Hiranandani: It is very simple. If there were not challenges, there would not be a need for a policy of this kind. There are so many challenges. 50% of my population of Mumbai lives in jhopadpatti, that itself is a big challenge. The growth of Mumbai and periphery is going to be there. But remember one thing, this year you are going to see the highest growth of real estate in the history of India. The growth is estimated to be 25% growth in the year 2025. This has been confirmed by various authorities. We have just seen reports of various IPCs also talking about it. So, the Mumbai, Pune, MMR region is going to attract a lot more construction and development only because infrastructure is being developed in a very holistic way by Maharashtra government. This leadership is second to none and you will see a 25% growth in this region in the year 2025, this is my guesstimate. We could definitely cross 20%, but it could be 25.
Time of India
21-05-2025
- Business
- Time of India
Niranjan Hiranandani forecasts historic growth in Maharashtra real estate, powered by policy clarity
"Whether a private developer who does redevelopment or is going for slum rehabilitation is able to make affordable housing in a city like Mumbai?," says Niranjan Hiranandani , Hiranandani Group . After a long 18 years, finally the Maharashtra housing policy is going to be passed. Tell me, is it going to go far enough in addressing the state's massive housing shortfall, especially when it comes to the affordable segment? Niranjan Hiranandani: Let me tell you it is unprecedented. It is unbelievable. It is fantastic. The vision and the statement is out of the world. This is an equivalent amount which the prime minister had done when he first became the prime minister under the PMAY scheme. He had talked of 70,000 crores of rupees under the PMAY scheme for the whole of India. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Transform Your Child's Confidence with Our Public Speaking Program Planet Spark Book Now Undo Now Mr Devendra Fadnavis now on this new policy is talking about 70,000 crores of investment direction for the purposes of Maharashtra alone, so that is a big statement. Number two, they are talking about every segment of society in terms of doing it, whether it is slums, whether it is rehab, whether it is inclusive housing, whether it is green buildings, whether it is residential in the industrial areas where there will be walk to work, all these factors are taken into consideration for the purposes under the new policy. So, fantastic policy, fantastic comprehensive thing whatever it is. However, he has not left it to chance. What has he done? He said I am making an information portal under AI which will monitor everything that is going to be done. So, it is not just a statement of fact that he is doing but he is probably making a road map which will actually be monitored in his state of things as he does in the case of infrastructure projects, the war room which he has put when he first became the chief minister and did the Atal Bridge, the coastal road 300 kilometres of metro. Live Events Now, housing seems to be the new focus which he is also talking about. So, three things – one, size and scale including every aspect of society, including industrial, including inclusive housing, looking at every aspects of housing which is to be done and monitoring it carefully to the finish. A combination of events I have not heard from Maharashtra for a long period of time on the housing side, never. So, it is unprecedented and fantastic. If it actually gets executed, there will be a paradigm in respect of homes and housing in Maharashtra in the next five years. But also, you have been quite vocal about the need for affordable housing. So, will this policy bring back the momentum for private capital and institutional investments into affordable housing because, of late, we have seen a lot of these real estate developers exit this segment, but do you think that this policy offers assurance and incentives to the private developers to now is the time to make a comeback? Niranjan Hiranandani: Yes and no. Yes, because a lot of incentives are being given for the purposes of affordable and inclusive housing. So, yes, that direction will be there. But whether private players will be able to make affordable housing or not, that depends on other policies. So, for example, the ready reckoner rate in Mumbai is so high, so high, and that it is unable to get the additional FSI on redevelopment at a reasonable rate. So, whether a private developer who does redevelopment or is going for slum rehabilitation is able to make affordable housing in a city like Mumbai? Answer is no. But with government incentives which obviously will follow for the purposes of this area of segment of society, maybe it will change, but they will have to relook at a lot of additional FSI charges which are now being levied by the state government, the stamp duty, other development charges which are levied by the corporation and state government also. So, then only affordable housing can be done by the private sector. But obviously, government's intent in order to do this irrespective of whether it will be done through the private sector or the government sector is to be seen depends on how they implement the policy and the changes they make which are consequent and necessary to implement the policy if they want the private sector to do it. Also, want to get your view on how this policy is going to affect a land bank development in the city. Do you think this is going to help unlock land for mass housing projects in key regions like MMR and Pune because that is also one of the focus areas that the policy aims to achieve? Niranjan Hiranandani: 100%, it will definitely make a difference because ultimately land has been made available because that is in the periphery of Mumbai, periphery of Pune. We have a large number of land and land banks which can be developed into it. Government is also working on all those schemes. If you see the plan for Mumbai 3.0 around Mumbai area where we have the airport, where we have the MTHL, where we have the Panvel-Karjat railway line coming up in the next two years, plus the elevated road from Chirle to the Pune Highway. All these factors will actually go in for a huge amount of development. Also, Navi Mumbai, Panvel area will get a huge boost. Also, the periphery of Pune especially on the direction on the Mumbai side of it will get a bigger boost because the new airport is coming. So, the opening of the new airport will also bring the new airport on this side of Pune. So, this development is definitely going to happen, but we are looking forward to consequential policies in terms of taxes and additional FSI rates and charges which are very high at this point of time, but the answer is yes affordable housing will get created in the periphery of both these areas. We understand that the policy has big goals and as much as it is a welcome step for Maharashtra real estate. Help us understand if you see any on ground challenges in the execution of this policy. Niranjan Hiranandani: It is very simple. If there were not challenges, there would not be a need for a policy of this kind. There are so many challenges. 50% of my population of Mumbai lives in jhopadpatti, that itself is a big challenge. The growth of Mumbai and periphery is going to be there. But remember one thing, this year you are going to see the highest growth of real estate in the history of India. The growth is estimated to be 25% growth in the year 2025. This has been confirmed by various authorities. We have just seen reports of various IPCs also talking about it. So, the Mumbai, Pune, MMR region is going to attract a lot more construction and development only because infrastructure is being developed in a very holistic way by Maharashtra government. This leadership is second to none and you will see a 25% growth in this region in the year 2025, this is my guesstimate. We could definitely cross 20%, but it could be 25.
Time of India
20-05-2025
- Business
- Time of India
Maharashtra cabinet approves state housing policy 2025
NEW DELHI: The Maharashtra cabinet has approved the state housing policy 2025 titled 'Majhe Ghar – Majhe Adhikar' (My Home – My Rights) with an investment outlay of ₹70,000 crore. The policy aims to construct 35 lakh homes over the next five years. As part of the implementation strategy, the cabinet has cleared the formation of a ₹20,000 crore 'Maha Aawas Nidhi' at the state level to finance large-scale housing projects under the new policy framework. Prashant Sharma, president, NAREDCO Maharashtra said, "The focus on slum rehabilitation, redevelopment, and the creation of a MahaAwas Fund will be instrumental in addressing the housing shortage and improving the urban landscape. We believe this progressive policy will provide a significant boost to real estate, create large-scale employment, and ensure dignified living for citizens across income groups." Focus on redevelopment, self-redevelopment and social housing To address delays in redevelopment and quality control issues, the policy includes the formation of a state-level grievance redressal committee. The committee will mediate between stakeholders and monitor quality standards in line with redevelopment commitments. A dedicated self-redevelopment cell will also be set up to encourage cooperative housing societies to take up redevelopment independently. A ₹2,000 crore self-redevelopment fund will support such initiatives. The policy introduces a rent-to-own model where working women, students, and industrial workers can initially occupy homes on rent for up to 10 years, with the option to gain ownership thereafter. "This comprehensive plan, with strategic emphasis on rental housing for working women, students, and industrial workers, is a transformative step toward addressing the urgent need for affordable urban housing. Initiatives such as the walk-to-work model near employment hubs, supported by robust multi-modal infrastructure and last-mile connectivity, will catalyze industrial and commercial real estate, paving the way for an integrated urban development model. Over time, this will generate tremendous demand for residential real estate, including townships and cluster developments," said Niranjan Hiranandani , chairman, NAREDCO & Hiranandani Group. CSR funds will be mobilised to support social housing initiatives through public-private partnerships involving both developers and project enablers. The government will also establish a centralised digital platform — State Housing Information Portal (SHIP) — to support data-driven housing decisions and project tracking. Nishant Deshmukh, founder and managing partner, Sugee Group said, "With strategic funding and transparent implementation, this policy can unlock massive redevelopment opportunities in cities like Mumbai , while also ensuring social equity and improved quality of life."
Time of India
10-05-2025
- Business
- Time of India
Della Resorts, Hiranandani Communities & Krisala Developers to jointly develop a township in Pune
NEW DELHI: Della Resorts & Adventure has entered into an agreement with Hiranandani Communities and Krisala Developers to launch a township in Hinjewadi , Pune with a revenue potential of ₹1,100 crore. The township has a potential to yield upto 9% return on investment (ROI). Jimmy Mistry, founder and chairman of Della Resorts and Adventure, said, ""With our CDDMOTM approach, we're transforming real estate from a product into an experience, and from a static asset into a dynamic, yield-generating investment. This is the first time residential real estate is offering returns that exceed traditional industry norms of 3%—breaking conventional expectations giving assured returns of upto 9% on real estate investments." Spanning over 40 acres, the township will include an eight acre racecourse & international polo club, 128 villa plots, 112 resort private residences, among other features. Niranjan Hiranandani, chairman, Hiranandani Communities said, "As the preferences of modern homebuyers continue to evolve, real estate developers are being nudged to collaborate with allied industries to create innovative ecosystems tailored to meet the needs of aspirational Indian homeowners." The project is currently in advanced planning stages, with land acquisition completed and design finalization underway. Phase 1 of the township is expected to launch in three months with possession slated for early next year for resort & villa plots and private Residences are expected to be delivered by FY26-end.
