Nagpur marks new ground for the Hiranandani Group. Krisala Developers, led by Managing Director Aakash Agarwal, has announced a major expansion into Nagpur in collaboration with Hiranandani Group, with the two developers jointly planning a 105-acre plotted development that marks the first large-scale initiative of its kind in the region. Agarwal has described it as marking Hiranandani's debut in Nagpur, built around a distinct theme for the project. It follows a similar structure to the group's move into Pune: in February 2025, Niranjan Hiranandani Group had announced its foray into the Pune real estate market by signing its first joint development deal of 105 acres with Krisala Developers, for a project at North Hinjewadi developed under the Integrated Township Policy with residential, commercial and retail components. Nagpur is the second such geography where this partnership is being replicated at scale.
Hiranandani Group is a diversified conglomerate established in 1978 by Niranjan Hiranandani and Surendra Hiranandani, based in Mumbai, and is counted among the largest real estate developers in India, with projects across Mumbai, Bengaluru, Chennai and Hyderabad. Its reputation rests on a small number of large, self-contained townships rather than a high volume of scattered projects. Decades ago, when Mumbai's development had not extended beyond Bandra and Chembur, the group identified barren quarry land in Powai and transformed it into an integrated township spread over more than 250 acres. It repeated that model in Thane, developing around 350 acres of land into a township with amenities built in from the start. Hiranandani Estate in Thane, at 375 acres, is one of the largest integrated townships in the Mumbai Metropolitan Region, and its presence on Ghodbunder Road is credited with giving other developers and employers the confidence to follow into that corridor. The same playbook extended to Hiranandani Fortune City in Panvel, developed at a scale larger than Thane as a mixed-use community for the Navi Mumbai and Panvel corridor, with residential phases such as Forest Enclave and Garden Enclave already handed over to thousands of homeowners. Beyond Maharashtra, the group has replicated the format at Hiranandani Parks in Oragadam, Chennai, alongside a footprint that spans premium and mid-scale housing typologies.
The Nagpur project is being positioned around a natural setting rather than a dense urban plot. Agarwal has indicated the development will be located about 40 minutes from the city's airport, in an area surrounded by natural features such as lakes and hill terrain. The development is set to introduce Nagpur's first golf course, designed by one of India's leading architects. This scale of plotted development has not been attempted in Nagpur before, according to Agarwal. The Pune precedent for this partnership offers a sense of how such projects typically progress once launched: Krisala's 62-acre plotted project in Pune has already secured RERA approval and, as a five-star plotting concept, has sold around 100 of its 600 available plots, reflecting strong early demand. For Nagpur, plot sizes and final pricing follow once the project reaches its formal launch stage; the emphasis at this point is on land parcel, natural surroundings and the golf course as the defining amenity of the township.
The city's fundamentals explain the timing of Hiranandani's entry. According to the Colliers Emerging Investment Opportunities in India 2025 report, Nagpur ranks as India's number one emerging city among 30 tier-II cities, evaluated across physical infrastructure, social infrastructure, economic growth, demographics and real estate dynamics, and sits in an early wave of its growth cycle, ahead of large-scale construction and full price discovery. Connectivity has moved fastest. The 701 km Samruddhi Mahamarg connecting Mumbai and Nagpur is now fully operational, cutting travel time between the two cities to around eight hours. More than ₹4.5 lakh crore of investment is shaping the city's transformation, including over ₹3 lakh crore of central and state commitments to the Vidarbha region and a further ₹2 lakh crore directed toward expressways, airport expansion, rail upgrades and urban mobility. The Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN) underpins much of this activity: the project has already spurred a real estate boom in the city, with property prices rising 25 to 40 percent in its wake. On land specifically, appreciation has been steep along the key growth corridor: early plotted developments in Nagpur have delivered 3.7x appreciation over the past decade, and land values along Samruddhi-influenced corridors are projected to rise by up to 5.2x during the 2025-2035 cycle. Demand data backs the trend: residential plot demand in Nagpur grew 16% year-on-year in FY24, while apartment demand rose 44%, according to Liases Foras. Within this shift, branded and larger-format land has gained share: the premium housing segment now accounts for 16% of Nagpur's real estate market in 2025, up from just 6% in 2019.
Hiranandani's Nagpur entry is structured as a land parcel rather than a built product, which changes what a buyer is signing up for. A plot inside a planned township gives the owner control over design and construction timeline while the developer handles roads, boundaries, drainage and common infrastructure at a township scale, the same division of responsibility that has defined Hiranandani's projects since Powai. For a city where MIHAN alone is expected to draw tens of thousands of jobs across IT, aerospace, pharmaceuticals and logistics into its surrounding belt, and where the airport's revised master plan envisages Nagpur eventually handling 30 million passengers a year, a plotted asset on the city's outskirts is a longer-horizon holding rather than an immediate-occupancy purchase. That horizon is consistent with how Hiranandani has approached land in every other city it has entered — buying early into a location before infrastructure catches up, then building the amenity layer, in this case a golf course, around it.