Hirco reports continuing robust sales in Chennai township

Hirco PLC, the investment vehicle for Hiranandani, Indias largest developer of prestigious mixed-use townships, today announced that sales of residential units in Phase 1 of its Hiranandani Palace Gardens township development in Chennai continue to be robust both in terms of volume of units sold and the level of pricing achieved.

London, Apr 10 : Hirco PLC, the investment vehicle for Hiranandani, India's largest developer of prestigious mixed-use townships, today announced that sales of residential units in Phase 1 of its Hiranandani Palace Gardens township development in Chennai continue to be robust both in terms of volume of units sold and the level of pricing achieved.

As of March 31, 2008, sales consideration has been accepted on approximately 1,562,820 square feet at an average price of Rs 3,906 (GBP 49.10) per square foot. This represents a significant increase over figures reported in January of 1,381,951 square feet at an average price of Rs 3,834 (GBP 48.19).

The total sales consideration as of 31st March 2008 was Rs 6.1 billion (GBP 76.73 million).

Niranjan Hiranandani, Chairman of Hirco, said: "We are delighted to report strong sales momentum for our Chennai development for the third consecutive quarter. Demand for Chennai township is solid, which demonstrates the superior quality of our product and the high standard of living provided by our modern townships."

The township will offer a range of apartment sizes and styles designed to appeal to employees of major international companies located within the township's catchment area.

The township will be constructed over three phases, all-building to a unique master plan.

Hiranandani Palace Gardens will be a self-sustaining community with offices, schools, health care facilities, shops, recreational facilities, and public space set within 369 acres.

The township is located along the business corridor southwest of Chennai and has easy access to the international airport, the national highway system and rail transport.

The company also announced that pre-construction sales for Hirco's eagerly anticipated Hiranandani Palace Gardens mixed-use township development in Panvel, located in the Mumbai Metropolitan Region, began in March 2008.

Sales consideration has already been accepted on approximately 597,014 square feet, at an average price of Rs 4,156 (GBP 52.24) per square foot.

Hiranandani said: "We are very pleased to report strong initial sales for our development in Panvel, which is located in a very attractive area of suburban Mumbai that is experiencing tremendous growth."

Hirco's combined commercial and residential site in Panvel has been designated as a Special Economic Zone (SEZ), which will provide tax advantages for both the Company and occupants of the Panvel development.

India's SEZs are specifically delineated, duty-free enclaves that are deemed to be foreign territory for the purposes of trade operations and duties and tariffs. SEZs were introduced in India to provide an internationally competitive and less complicated environment for exports.

ANI