House of Hiranandani Group Acquires Mumbai Property for ₹500 Crore Commercial Tower

The House of Hiranandani Group, a prominent real estate developer, has expanded its presence in Mumbai with the acquisition of a significant land parcel in Andheri. The deal, involving Shoden Developers Private Limited, includes approximately 1 acre of land along with an existing commercial building. Shardul Amarchand Mangaldas & Co provided legal advisory services, including title due diligence and finalization of transaction documents.

This strategic acquisition marks a major development for the group, as they intend to invest around ₹500 crore to construct a premium commercial tower on the acquired site. This new development is projected to offer a substantial leasable area of approximately 400,000 square feet, catering to commercial businesses.

Impact: This development signifies robust investment in commercial real estate, potentially boosting local employment and commercial activity in the Andheri area. It indicates confidence in the Mumbai commercial property market and could spur similar large-scale projects from competitors. The ₹500 crore investment is a considerable sum, highlighting the scale of the project. Rating: 7/10.

Terms: * Title due diligence: A thorough investigation into the legal history and ownership records of a property to ensure there are no hidden claims or defects. * Transaction documents: The legal paperwork that formalizes and records the terms and conditions of a business deal, such as an acquisition agreement. * Leasable area: The total rentable space within a commercial property, excluding common areas or utility spaces. * Commercial tower: A high-rise building primarily designed to house offices, retail spaces, and other business establishments.