Hirco reports high Residential Sales

September 23, 2008	(Be the first to rate this story!)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

Hirco PLC, the investment vehicle for Hiranandani, developer of prestigious mixed-use townships in India, announced that the sales of residential units in Phase 1 of its Hiranandani Palace Gardens township developments in both Chennai and Panvel continue to be robust both in terms of volume of units sold and the level of pricing achieved. Both the townships offer a range of apartment sizes and styles designed to appeal to employees of major international companies located within the respective township area.

As of 31 August 2008, sales consideration for the Chennai residential township has been accepted on approximately 1,838,332 square feet at an average price of Rs 4,073 per square foot. This represents an increase over figures reported in June of 1,692,039 square feet at an average price of Rs 3,991. Sales consideration for Hirco’s Hiranandani Palace Gardens residential township development in Panvel, Mumbai, has been accepted on approximately 1,555,554 square feet at an average price of Rs 4,214 per square foot, as of 31 August 2008. This represents an increase over figures reported in June of 1,437,474 square feet at an average price of Rs 4,180, and includes 75 percent of the units that have been released by the Company for sale to-date.

Niranjan Hiranandani, Chairman of Hirco, said: “We continue to capitalize on the diverse and growing real estate market in India, and are pleased to report robust and escalating demand for our properties in Chennai and Panvel. We are delighted to post our fifth consecutive quarter of sales momentum in Chennai, and our second consecutive quarter of growth in Panvel, which is a reflection of the superior quality of our product and high standard of living our townships provide.”

News Published Under:   Real Estate Developers |

Comments