Hiranandani Group Expands with Eleva – A Pan-India Real Estate Consultant Service

Hiranandani Group Expands with Eleva – A Pan-India Real Estate Consultant Service

In a recent announcement on November 29, the Mumbai-based real estate developer, Hiranandani Group, unveiled its new venture, Eleva. This venture aims to revitalize stalled or stressed projects without fresh investment, focusing on a pan-India consultant service-led business model.

Eleva offers a comprehensive suite of services, including development, construction, design, marketing, and sales-oriented solutions to other real estate companies. The move is geared towards exploring niche opportunities, expanding the Hiranandani Group's real estate footprint, leveraging its brand equity, and extending its development expertise to others.

Niche Opportunities and First Project

Niranjan Hiranandani, founder of the Hiranandani Group, expressed confidence in Eleva's potential. He mentioned, "There are various proposals in the market where this type of positioning will help. I have already received calls from a bank seeking assistance with sales and the completion of a stressed project."

Eleva's first project involves acting as a consultant for a 3.33 lakh square foot development in the Andheri West area of Mumbai. The project comprises three towers of 33 storeys each, offering a mix of two- and three-bedroom apartments. Prices range from Rs 3 crore to 3.7 crore for the two-bedroom homes and from Rs 4 crore to 4.5 crore for the three-bedroom apartments.

The project, approved by the Real Estate Regulatory Authority (RERA), is slated for delivery in December 2028, adhering to RERA timelines.

Future Plans and SWAMIH Investment Fund

While Eleva anticipates no new investment, the group acknowledges the need for additional personnel to handle upcoming projects. Eleva has already secured its first project and looks forward to contributing to the real estate landscape.

In parallel, the Special Window for the completion of Affordable and Mid-Income Housing (SWAMIH) Investment Fund, tasked with funding stalled projects, has delivered 23,000 homes since its inception three years ago. The Rs 15,530 crore fund aims to deliver an additional 20,000 homes by the year-end, totaling 43,000 homes across tier 1 and 2 cities.

The SWAMIH Fund has approved 131 projects, unlocking liquidity worth Rs 35,879 crore, with a committed deal size of Rs 13,600 crore across these projects.

For more details and updates on Eleva's projects and the real estate market, stay tuned.