Hirco invests Rs 782 crore in Mumbai township

Mumbai: Hirco Plc, a real estate investment firm floated by Mumbai-based Hiranandani Group, on Thursday announced an investment of 96.6 million pounds (Rs 782.41 crore) to develop a residential township in Mumbai.

The township - Panvel Residential, to be developed by Hirco Plc, a company listed on the AIM market of London Stock Exchange, is co-located on a site with the Commercial Township development. The combined Panvel site was designated as a Special Economic Zone (SEZ) recently.

'This investment in Panvel Residential complements our recent investment in the co-located commercial project and supports our strategy as largest developer of prestigious mixed-use townships for the increasingly affluent middle class in strategic growth locations,'' Hirco Plc CEO Priya Hiranandani-Vandrevela said in a filing to the London Stock Exchange.

Further, the township consists of 18.3 million square feet of residential and retail space on 280 acres of land in Panvel. The township is expected to benefit from the strong growth in the Mumbai - Pune corridor, which is becoming a preferred location f or India's financial capital's growing middle class segment, the filing said. Among the key features of Panvel Residential would be primary and secondary schools, back-up power substation and entertainment centres.