Just recently, Hirco Plc, the real estate investment arm of the Hiranandani Group, announced plans to invest over Rs. 1,000-crore (28.4-million pounds) in a commercial township development project that is scheduled to come up near Mumbai.

The company, listed at the AIM market of London Stock Exchange, in a filing to the Bombay Stock Exchange confirmed the project located at Panvel, would be the firm's third investment after its incorporation in December 2006.

Priya Hiranandani-Vandrevala, CEO - Hirco Plc says there is great excitement in his firm over the launch of Hirco's Panvel project, which is located in an extremely attractive area of suburban Mumbai that is currently witnessing tremendous growth, including the recently approved airport development at Navi Mumbai, within close proximity to the Hirco project site. According to Priya, featuring a mix of office and retail space with strong focus on IT and Biotech, the development will build upon Hiranandani's heritage in the Mumbai market as a developer of high-quality commercial space.

A new development, the Panvel project will consist of 18-million developable sq. ft. of mixed-use commercial space on 303-acres of land in Panvel, a rapidly growing corridor in the Mumbai metropolitan region.

Hirco, together with its wholly owned subsidiary, Hirco Holdings, has entered into an investment agreement with Burke Consolidated Ltd., an entity controlled by the Hiranandani family, to invest in the township project through a special purpose vehicle owned by BCL called Burke 3 Ltd.

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Source: IndiaRealEstateblog