Hiranandani Group — founded in 1978 by Niranjan Hiranandani and Surendra Hiranandani — has spent four decades reshaping Mumbai's residential map. The group has delivered 25,375 homes and developed 45.82 million square feet of residential and commercial real estate across the Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, and Chennai. Its signature developments — Hiranandani Gardens in Powai (a 250-acre mixed-use township) and Hiranandani Estate in Thane (a 250-plus acre township with over 100 occupied towers) — set the template for large-format, self-contained community living that the group has replicated across cities over four decades.
Chembur represents a meaningful new chapter. In September 2024, the group formalised registered development agreements with five major housing societies across Chembur, committing over Rs 3,200 crore — one of the single largest redevelopment investments announced in this micro-market. The project in Chembur West, Hiranandani Shrinagar Society, consolidates a cluster of four existing societies into a single site of approximately six acres, unlocking development potential the group estimates at a gross development value exceeding Rs 5,000 crore across its Chembur work as a whole.
Hiranandani Shrinagar Society is a pre-launch residential development occupying roughly six acres in Chembur West. The project offers 2 BHK and 3 BHK apartments, with layouts designed to maximise natural light and functional floor area. The development plan includes landscaped gardens, a swimming pool, a gymnasium, jogging tracks, a clubhouse, and a children's play zone — the standard amenity stack the group has deployed across its MMR and south Indian projects. Sustainability infrastructure — rainwater harvesting and sewage recycling — is part of the Hiranandani construction standard, a practice the group introduced into all its projects as early as 1989.
The group is currently in the process of securing regulatory approvals and has projected a completion window of four to five years from the agreement date of September 2024. RERA details will be disclosed once the approval process is complete.
Hiranandani Group's rationale for entering the Chembur redevelopment market aligns directly with its broader MMR strategy. Mumbai's older residential corridors are dense with societies built in the 1970s and 1980s on large land parcels that current FSI norms can leverage into significantly taller, better-serviced buildings. Chembur West's Shrinagar Society cluster — four contiguous societies across six acres — fits precisely this profile: established addresses in a mature neighbourhood, with resident communities already in place and consenting to redevelopment under registered agreements.
The group's parallel Chembur East project, Hiranandani Maitri Park (nine acres), was announced simultaneously, giving the group a combined 15-acre footprint across Chembur from a single announcement. For context, this scale is comparable to the group's early Powai positioning in 1986, when it signed agreements to develop 230 acres with the Maharashtra government and MMRDA — a project that became Hiranandani Gardens and later defined Powai's identity as an IT and residential hub.
Chembur has undergone a documented shift from an industrial suburb to a premium residential address. Property prices across Chembur have appreciated 23.2% over the past five years, with average transaction rates at approximately Rs 26,700 per sq. ft. and listed rates on premium projects reaching Rs 30,000–Rs 35,000 per sq. ft. The mid-premium segment — the Rs 2–5 crore bracket — records the strongest traction here, driven by infrastructure upgrades and metro accessibility.
Chembur West specifically benefits from multi-modal connectivity that very few eastern suburb localities can replicate:
Chembur commands a 15–25% premium over adjacent localities like Govandi, Mankhurd, and Deonar, while remaining 25–40% more affordable than comparable western suburb addresses like Bandra East or Santacruz — a spread that the group's Powai buyers would recognise from Hiranandani Gardens' own pricing history relative to then-dominant western market benchmarks.
A Hiranandani Shrinagar Society buyer is purchasing into an established residential micro-market, not a greenfield corridor. Chembur is home to schools including St. Sebastian High School, Loreto Convent School, and Swami Vivekanand International School. Hospital options include Surana Sethia Hospital, Apollo Spectra Hospital, and Joy Hospital. Retail infrastructure includes K-Star Mall and Chembur Central. Green open spaces — Diamond Garden, Ambedkar Garden, and proximity to the Trombay Hills — give the area a lower-density character uncommon in central Mumbai suburbs. Chembur's rental yields range between 3–4.5%, underpinned by consistent demand from professionals working in BKC, Lower Parel, and South Mumbai's financial district.
When Hiranandani Group enters a redevelopment site, the process differs from a standard land-purchase development. Existing tenants — 459 households across the five Chembur societies collectively — receive new homes as part of the agreement. The developer funds and executes the demolition, construction, and infrastructure upgrade. For open-market buyers, this means acquiring a newly built apartment in a neighbourhood that already has a functioning social fabric: established roads, schools, hospitals, and transit links, none of which need to be built from scratch around the project.
The group has demonstrated this model in Kandivali, where its Castalia redevelopment project was nearing completion as of 2025. The Chembur projects — both Shrinagar Society in the West and Maitri Park in the East — follow the same structure, this time in a neighbourhood that market data already identifies as one of Mumbai's more active mid-premium corridors.