Hiranandani Communities, based in Mumbai, is entering the Goa real estate market by forging project management partnerships totaling 450 crore rupees under its Eleva by Hiranandani model.
Under this model, Hiranandani Communities will provide project management consulting services for two residential properties located on a five-acre site in Goa. These projects are collectively expected to offer approximately 0.25 million square feet of built-up area.
The mentioned projects include Aria Residency from Azul Amor LLP and Cloud Infinity Premium Villas from Shree Yagna Builders and Developers. They feature luxury apartments and villas situated in areas of Goa that the company has characterized as corridors with high growth potential.
Local developers have engaged The Guardians Real Estate Advisory as a strategic partner to handle the sales and marketing of these two RERA-registered projects.
Comments on the Goa Market Development
Niranjan Hiranandani, Chairman and Managing Director of Hiranandani Communities, noted that Goa is transforming into an all-weather destination for living and coastal lifestyles. This growth is attributed to improved transport connectivity, the development of a hybrid lifestyle, increased demand for housing from established brands, and a growing inclination among clients towards an experiential lifestyle.
The Eleva model allows Hiranandani Communities to expand into new markets through collaboration with local developers without undertaking the entire development cycle independently. In the Goa partnerships, the company will provide its expertise in execution and project management.
The company also pointed out that the Goa residential market is supported by infrastructure improvements, including the commissioning of Manohar International Airport in Mapusa and the ongoing modernization of the Mumbai-Goa National Highway. Furthermore, there is growing interest from High Net Worth Individuals (HNIs), Non-Resident Indians (NRIs), and second-home buyers.
In a statement released on Thursday, Hiranandani emphasized that entering the Goa market is a step toward building Eleva as a scalable platform for expansion into promising real estate markets across India.
Previously, last September, Hiranandani Communities launched an integrated coastal township spanning 225 acres with investments of approximately 5,000 crore rupees and a potential revenue of 17,000 crore rupees in Alibaug, a coastal town in Raigad district, Maharashtra, near Mumbai.