Hiranandani Group Expands with Eleva – A Pan-India Real Estate Consultant Service
The Hiranandani Group has recently launched Eleva, a new venture aimed at revitalizing stalled or stressed real estate projects across India. This initiative focuses on a consultant service-led business model that does not require fresh investments, positioning itself to offer a comprehensive suite of services to other real estate companies.
Overview of Eleva's Services
Eleva is designed to provide a wide range of services that include development, construction, design, marketing, and sales-oriented solutions. This strategic move is intended to explore niche opportunities within the real estate sector while expanding the Hiranandani Group's footprint. By leveraging its established brand equity and development expertise, Eleva aims to assist other developers in navigating the complexities of the real estate market.
First Project in Andheri West
As part of its initial offerings, Eleva has taken on a significant project in Andheri West, Mumbai. This project involves consulting on a development that spans 3.33 lakh square feet and consists of three towers, each 33 storeys high. The residential units will include a mix of two- and three-bedroom apartments, with prices for the two-bedroom homes ranging from Rs 3 crore to 3.7 crore, and three-bedroom apartments priced between Rs 4 crore and 4.5 crore. This project has received approval from the Real Estate Regulatory Authority (RERA) and is expected to be delivered by December 2028, in accordance with RERA timelines.
Strategic Goals and Market Positioning
Niranjan Hiranandani, the founder of the Hiranandani Group, has expressed optimism about Eleva's potential to address various market needs. He has already received inquiries from financial institutions seeking assistance with sales and the completion of stressed projects. This indicates a strong demand for consultancy services in the real estate sector, particularly for projects that require expert guidance to navigate challenges.
Future Outlook and Workforce Expansion
While Eleva is not seeking new investments for its operations, the group recognizes the necessity of expanding its workforce to manage upcoming projects effectively. The successful launch of Eleva and its first project signifies a proactive approach to enhancing the real estate landscape in India, particularly in addressing the issues faced by stalled developments.
Practical Takeaway
For homebuyers and investors, the emergence of Eleva represents an opportunity to engage with a consultancy that can potentially revitalize distressed projects, offering new residential options in the market. As Eleva continues to develop its portfolio, stakeholders in the real estate sector should keep an eye on its progress and the impact it may have on project completions and market dynamics in Mumbai and beyond.