Hirco reports continuing robust residential sales at its Chennai and Panvel townships

London, June 26 (ANI/Business Wire India): Hirco PLC, the investment vehicle for Hiranandani, today announced that sales of residential units in Phase 1 of its Hiranandani Palace Gardens township developments in both Chennai and Panvel continue to be robust both in terms of volume of units sold and the level of pricing achieved.

As of June 13, sales consideration for the Chennai residential township has been accepted on approximately 1,692,039 square feet at an average price of Rs 3,991 (GBP 47.69) per square foot. This represents an increase over figures reported in April of 1,562,820 square feet at an average price of Rs 3,906 (GBP 46.68).

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

The Company also announced that sales consideration for Hirco's eagerly anticipated Hiranandani Palace Gardens residential township development in Panvel, located in the Mumbai Metropolitan Region, has been accepted on approximately 1,437,474 square feet at an average price of Rs 4,180 (GBP 49.95) per square foot.

This represents an increase over figures reported in April of 597,014 square feet at an average price of Rs 4,156 (GBP 49.66).

"We are very pleased to report continued strong initial sales for our development in Panvel. Since commencing sales in March, we have experienced strong demand for this township, which is located in a very attractive area of suburban Mumbai that is experiencing tremendous growth," Hiranandani added.

Hirco's combined commercial and residential site in Panvel is 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.

Both the Chennai and Panvel townships offer a range of apartment sizes and styles designed to appeal to employees of major international companies located within the respective township's catchment area.

The townships are being constructed over three phases, all building to a unique master plan.

Hiranandani Palace Gardens townships are self-contained and well-connected communities with modern offices and residences, schools, health care facilities, hotels, retail centres, recreation facilities, and parks, gardens and other public space.

The townships are strategically located along business growth corridors of Chennai and Mumbai and have easy access to international airports, the national highway system and rail transport.

ANI