Active Stocks
Mon Mar 04 2024 15:59:52
  1. Tata Steel share price
  2. 153.10 -1.32%
  1. NTPC share price
  2. 353.80 3.50%
  1. Bharti Airtel share price
  2. 1,137.00 0.57%
  1. Larsen & Toubro share price
  2. 3,643.95 -0.28%
  1. Power Grid Corporation Of India share price
  2. 294.45 2.63%
Business News/ Industry / Infrastructure/  Hiranandani Group bets on COVID-19 recovery for real estate, to invest 8,500 crore on data centres
BackBack

Hiranandani Group bets on COVID-19 recovery for real estate, to invest ₹8,500 crore on data centres

The real estate market has recovered quite a lot after the severe impact on sales during the April-June quarter due to COVID-19 pandemic, Niranjan Hiranandani said
  • Housing sales in November were 20% up on an average across major cities, as compared with the same month last year, said Hiranandani
  • Niranjan Hiranandani, National Real Estate Development CouncilPremium
    Niranjan Hiranandani, National Real Estate Development Council

    Hiranandani group, India's leading realty firms, plans to invest 8,500 crore over the next three years to develop data centres and industrial parks across various cities, a senior official told PTI.

    The real estate market has recovered quite a lot after the severe impact on sales during the April-June quarter due to COVID-19 pandemic and subsequent lockdown, Niranjan Hiranandani, founder and chairman of Hiranandani group told PTI.

    Housing sales in November were 20 up on an average across major cities, as compared with the same month last year, said Hiranandani. However, the sale was still lower by 15-20% during 2020 calendar year compared to the last year, he added.

    Asked about the development in the Hiranandani group, the founder said, "We have set up the Asia's largest data centre in Navi Mumbai. We are now planning second data centre in Greater Noida and third one near Chennai. We are going very aggressive on data centre side"

    To tap rising demand of data storage capacity, Hiranandani Group had forayed into development of data centre parks with its new business venture Yotta Infrastructure last year.

    The first data centre is located at Panvel. The first phase of this project comprising 8.2 lakh sq ft has already been inaugurated in July this year.

    Yotta Infrastructure will invest around 5,000 crore over the next 3 years as it aims to capture about 25% of market by end of FY 2025, he said. The investment numbers will go up substantially over the next 7-10 years, he further added.

    Yotta Infrastructure, a 100% subsidiary of Hiranandani group, is into designing, building and operating large-scale hyper density data centres. It offers hyper-density, hyper-scalable data centre and co-location solutions to enterprises along with a whole array of supporting managed IT, hybrid multi cloud and security services.

    The company is also developing industrial, logistics or warehousing parks through a joint platform with global investment firm Blackstone, Hiranandani revealed. Greenbase Industrial and Logistics Parks the joint venture firm, will invest 3,500 crore over the next three years to develop projects across various locations, he added. Greenbase will develop two industrial parks at Talegaon and Nashik in Maharashtra and one at Oragadam near Chennai, he said.

    Answering about the source of funding for planned investments, Hiranandani said it is being financed through equity and bank loans. The Hiranandani group has around 2,000 acres of land bank across major cities for development of housing, commercial, data centre and warehousing projects.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Industry News, Banking News and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 13 Dec 2020, 07:25 PM IST
    Next Story footLogo
    Recommended For You
    Infrastructure Stocks
    ₹19.17-3.6%
    ₹3,654.3-0.28%
    ₹226.21.28%
    Switch to the Mint app for fast and personalized news - Get App