Hirco PLC, the nvestment vehicle for Hiranandani, Indias largest developer of restigious mixed-use townships, today announced that sales of esidential units in Phase 1 of its Chennai township development, iranandani Palace Gardens, continue to be strong both in terms f volume of residential units sold and the level of pricing chieved.
London, Jan 15 : Hirco PLC, the nvestment vehicle for Hiranandani, India's largest developer of restigious mixed-use townships, today announced that sales of esidential units in Phase 1 of its Chennai township development, iranandani Palace Gardens, continue to be strong both in terms f volume of residential units sold and the level of pricing chieved.
Niranjan Hiranandani, Chairman of Hirco, commented: "We are very leased with the continued response to Hiranandani Palace Gardens s demand continues to be strong. These results demonstrate the trong quality of our product and the high standard of living rovided by our mixed-use townships."
As of January 6, 2008, sales consideration has been accepted on pproximately 1,381,951 square feet at an average price of Rs ,834 (GBP 49.84) per square foot. This represents a significant ncrease over figures reported in September 2007 of 1,005,106 quare feet at an average price of Rs 3,809 (GBP 47.19).
The total value of contracts signed as of 6 January 2008 was Rs. ,299 million (GBP 68.89 million).
Pre-construction sales for the Chennai Township started in May 007 and construction began in August 2007.
Hiranandani Palace Gardens has a total buildable area of pproximately 30.1 million square feet, 21.5 million of which ill be residential.
Palace Gardens will offer a range of apartment sizes and styles esigned to appeal to the employees of major international ompanies located within the township's catchment area.
The township will be constructed over three phases, all-building o a unique master plan.
Hiranandani Palace Gardens will be a self-sustaining community ith offices, schools, health care facilities, shops, ecreational facilities, and public space set within 369 acres.
The township, located south west of Chennai, has easy access to he international airport, the national highway system, and rail ransport.
ANI