HIRCO (Hiranandani Infrastructure and Real Estate Co) the developer of the 90 storey 23 Marina (along with ETA Star) in Dubai reports robust sales in their Chennai Township. Hirco PLC (AIM:HRCO), the investment vehicle for the Hiranandani group, India's largest developer of residential townships has announced that sales of residential units in Phase 1 of its Hiranandani Palace Gardens township development in Chennai continue to be robust both in terms of volume of units sold and the level of pricing achieved.
Mr. Darshan Hiranandani director of Hirco group, said: "We are extremely fortunate to be based across several borders. The Dubai market is extremely rich with a consumer base that we can market our India projects to. On the other hand our investments in this region have been very lucrative and have given us tremendous ability to learn super high rise construction and adapt some of this technology in India. Our vast experience in India has enabled us to design products extremely well tailored for residential consumers. It has also given access to resident Indians to invest in Dubai.
This particular project has seen huge momentum from Indians working abroad. Dubai provides tremendous accessibility to this consumer base all over the word and our outfit here is thrilled with the response we’ve received. Dubai is an extremely important base for us."
The township will be constructed over three phases, all building to a unique master plan. Hiranandani Palace Gardens will be a self-sustaining community with offices, schools, health care facilities, shops, recreational facilities, and public space set within 369 acres. Located along the business corridor southwest of Chennai and having easy access to the international airport, the national highway system and rail transport, Chennai Township offers a range of apartment sizes and styles designed to appeal to employees of major international companies located within the township's distinguished area.
Commenting on the early sales Mr. Niranjan Hiranandani, Chairman of Hirco said: "We are very pleased to report strong initial sales for our development in Panvel, which is located in a very attractive area of suburban Mumbai that is experiencing tremendous growth. As of 31st March 2008, sales consideration has been accepted on approximately 1,562,820 square feet at an average price of Rs 3,906 (GBP 49.10) per square foot. This represents a significant increase over figures reported in January of 1,381,951 square feet at an average price of Rs 3,834 (GBP 48.19). The total sales consideration as of 31st March 2008 was Rs 6.1 billion (GBP 76.73 million)."
Hirco's combined commercial and residential site in Panvel has been designated as a Special Economic Zone (SEZ), which will provide tax advantages for both the Company and occupants of the Panvel development. India's SEZs are specifically delineated, duty-free enclaves that are deemed to be foreign territory for the purposes of trade operations and duties and tariffs. SEZs were introduced in India to provide an internationally competitive and less complicated environment for exports.
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