Mumbai-based real estate developer Hiranandani Communities is entering the Goa real estate market through project management partnerships worth a combined ₹450 crore, under its Eleva by Hiranandani model. According to reports from Business Standard, the company will provide project management consultancy services for two residential projects that together are expected to add around 0.25 million square feet of development across a five-acre land parcel.
The projects, Aria Residency by Azul Amor LLP and Cloud Infinity Premium Villas by Shree Yagna Builders and Developers, comprise premium apartments and villas and are located in what the company described as high-growth corridors in Goa. As reported by Business Standard, the regional developers have appointed The Guardians Real Estate Advisory as the strategic partner for sales and marketing of the two RERA-registered projects. The Eleva model allows Hiranandani Communities to expand into new markets through partnerships with local developers, without undertaking the entire development cycle itself.
According to Niranjan Hiranandani, chairman and managing director of Hiranandani Communities, as reported by Business Standard, Goa is evolving into a year-round residential and coastal lifestyle destination, driven by improved connectivity, hybrid living, increasing demand for homes from established branded developers, and customers' growing propensity towards experiential living. The company noted that Goa's residential market is being supported by improved connectivity, including the operationalisation of Manohar International Airport at Mopa and the ongoing upgrade of the Mumbai-Goa National Highway. It also pointed to rising interest from high-net-worth individuals, non-resident Indians and second-home buyers.
As reported by Business Standard, Hiranandani launched a 225-acre integrated coastal township with an investment of around ₹5,000 crore and a revenue potential of ₹17,000 crore in Alibaug, a coastal town in Raigad district of Maharashtra, just south of Mumbai, in September last year. The company stated that the Goa entry marks a step towards building Eleva as a scalable platform for expansion into high-potential real estate markets across India.
