The Indian real estate market has been on a steady upward climb, further propelled by initiatives like the PM Awas Yojana, which has significantly accelerated sectoral growth. In an exclusive conversation with Dr Niranjan Hiranandani Co-Founder and Managing Director of the Hiranandani Group we explore his views on real estate, his personal journey, and the nation’s economic potential.
Building with the Head and the Heart
Known for redefining city skylines and transforming entire landscapes, Dr. Hiranandani believes that while most businesses may be driven by logic, real estate requires emotion. “When we’re creating homes for people, builders must put their heart into it,” he shares.
Real Estate as the Backbone of Growth
According to him, India’s real estate sector is on a robust growth path. With the economy expanding at 6–7%, infrastructure investments play a crucial role in job creation, which in turn energizes the larger ecosystem. “If we invest in real estate, it helps generate employment across the country,” he emphasizes.
From Chartered Accountant to Visionary Builder
Dr. Hiranandani’s entry into real estate was far from conventional. Coming from a family of doctors, his father being one of the country’s top ENT specialists, he trained as a Chartered Accountant and even taught CA classes. “Nobody in my family thought I would enter business, but I had one aspiration to become a builder and create homes that don’t just provide shelter, but also bring happiness. I started with a dream.”
In the early days, challenges were many, including the difficulty of securing bank loans. Yet he persevered. Today, he advises young buyers to consider purchasing property even if it means taking a small loan rather than renting. “When we are old, we cannot afford to build the home of our dreams. In India, without social security, owning a home is a vital future investment.” For him, real estate is nothing less than a safety net.
Pride in the Next Generation
Speaking of his son Darshan’s accomplishments, Dr. Hiranandani lights up. Darshan was behind 23 Marina, once India’s tallest building and now the second tallest. “I told him, this is the tallest building, how will you make it? Nobody has done this before. He replied, ‘Which is why I want to build it.’” He also highlights the two-way learning that flows between them.
Expanding Horizons Across Sectors
Diversifying beyond real estate, the Hiranandani Group has a presence in health, education, and other industries. Currently, five new properties are underway across Mumbai, with another in Alibaug.
Indians Investing Abroad and Dubai’s Appeal
On the growing trend of Indians investing in Dubai, he notes that tax benefits are a strong factor, alongside the city’s appeal as a second-home destination. Still, he remains optimistic about India’s future. Addressing Donald Trump’s comments on the Indian economy, he says: “From an outsider’s view, we may seem to struggle at times, but we are in fact the fastest-growing economy. By 2047, I believe India can be the world’s top economy. India has a beautiful growth story.”
Priorities for a Thriving Real Estate Sector
He believes real estate growth in any country depends on opportunities, infrastructure, and public welfare. India, he insists, should focus on its own needs rather than outside opinions tackling issues like slum eradication, ensuring water for all, and creating more opportunities.
Interestingly, the Hiranandani Group’s original aim was to provide quality housing for the lower middle class. However, the exceptional quality attracted affluent buyers, naturally positioning the brand in the premium segment. “We wanted to make it available for everyone, but the richer buyers liked it too, and my properties became premium,” he reflects.
Looking Ahead: Hyderabad and AI
While Hyderabad is on his expansion radar for the next 6–7 years, there are no immediate projects planned. He also acknowledges the transformative power of AI in real estate from building design to communication and warns that those ignoring it are already in the “past.”
The Fire Still Burns
Even after decades in the industry, his passion remains strong. “One thing that hasn’t changed is the aspiration to do better, to give a better deal next time, to create better ideas next time. I was never in competition with other companies; my only competition was with myself.”
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