Dr. Niranjan Hiranandani, epic superstar of India’s realty industry, is a visionary cloaked in practicality. A lion heart with compassion running through his veins, he’s resolute about helping people live their best lives – from raising their living space standards to encouraging them to grow and succeed.
By Andrea CostaBir
You entered the realty business and brought a certain credibility and flair to your own brand and the realty industry at large. Does what inspired you then about realty, still inspire you today?
When we embarked on our journey in the real estate industry 40 years ago, we were captivated by the opportunity to redefine living standards and create communities where aspiring individuals could thrive together. The idea of transforming high-quality mixed-use townships into tangible, impactful developments was thrilling and gave our work a profound sense of purpose.
It still brings immense satisfaction to witness how Hiranandani townships continue to innovate, elevate lifestyles, and positively influence communities. The drive to continually raise the bar in sustainability, design, and quality remains as strong as ever.
By creating townships in Powai and Thane, thanks to you, suddenly the middle to upper middle strata were buying into and enjoying the sleekest of homes. You literally raised the lifestyle standard of this strata, and then many other builders followed suit. What was your motivation to provide an enhanced lifestyle to people?
The group’s mission was to create urban utopian living and a master-planned township to emerge as the city’s new centre of gravity. The bustling commercial hub, vibrant residences, and playful retail were aimed at notching up the standard of living of Hiranandani citizens. Our model was aptly designed to blend sustainable development and community living ecosystems. Today, township living is a testament to the comfort, convenience, and connectivity that enhance the quality of life. This sets an example for the fraternity to follow suit.
During this process, you obviously faced umpteen challenges. Could you give us an insight into some of the issues and how you overcame them ?
Moving upward with innovative ideas had its own hurdles and challenges. Developing a location like Powai with no infrastructure connectivity, limited civic amenities, getting labour to work at our sites, procuring raw materials, and convincing professionals to join the company was a Herculean task. Furthermore, the lack of bank financing forced us to borrow at a high rate from the market to construct real estate projects. My conclusion would be that effort and pain are a part of growth, and success comes from hard work and perseverance.
How have your views on real estate development evolved over the years?
When we started in real estate, it was mainly seen as a means to provide basic needs — roti, kapda and makaan. The sector’s journey from the days of license raj to economic liberalisation and now to structural reforms, has been nothing short of phenomenal.
Today, real estate is a barometer of economic health and a major employment generator. It has expanded far beyond housing into commercial spaces, offices, schools, hospitals, hotels, retail, warehousing, logistics, hospitality, infrastructure, and data centers.
According to Niti Aayog, real estate is on track to become a $1 trillion industry, contributing nearly 15% to India’s GDP by 2030. Globalisation, digitalisation and commoditisation have significantly boosted its role in economic growth. Additionally, real estate is now recognized as a key player in sustainable development and community building.
How does the Hiranandani Group address the trending concept of sustainability?
At the Hiranandani Group, we began our journey towards sustainability with our flagship project, Hiranandani Gardens in Powai, and this commitment is extended to other expansions. Our townships are rich in biodiversity, featuring pedestrian-friendly, tree-lined boulevards, water bodies, fountains, thriving flora and fauna, curated landscaping, and lush green gardens, creating a true green utopia.
Over 30% of our townships are dedicated to green and open sanctuaries, well-ventilated nurseries, and waste management plants. In Powai and Thane, our centralised water and sewage recycling treatment plants recycle 4 million liters of water daily for secondary use. We’ve also begun installing solar panels and EV charging points as steps toward energy conservation.
Moreover, we’ve constructed commercial green buildings that are LEED and GEM certified, supporting our vision of conscious consumerism.
What are your views on technology transforming real estate development?
In India, technology is revolutionising the real estate market. Key innovations such as drone surveys, proptech, and business intelligence (BI) modelling are leading this transformation.
Machine learning and cloud computing have become essential for data management and analytics, enhancing industry efficiency and accuracy. The integration of new technologies is streamlining processes and driving the real estate sector towards greater efficiency and precision.
Rapid urbanisation is impacting India; how should India prepare for this growth?
Rapid urbanisation is reshaping India, and we must prepare for this growth with a multifaceted approach. Expanding job opportunities will attract more people to urban areas, fueling this growth further. Robust infrastructure development is crucial to supporting this influx and ensuring smooth urban functioning. The Mumbai region will be adding 330 km of metro rail network in the next two years. Enhancing last mile connectivity will make cities more accessible and livable. Improved lifestyle options and growth exposure will make urban areas more attractive to career aspirants. The real estate industry is buoyant, also meeting the demand with a balance of mid and luxury housing. However, addressing affordable housing should be a priority to ensure a better quality of life for all citizens. It’s imperative to manage natural resources wisely and aim for equitable growth to sustain this urban transformation.
Please describe your leadership style.
Leading by example and fostering an open forum where everyone feels encouraged to express their ideas and share critical feedback has been incredibly rewarding for me. I have had the privilege of leading teams across multiple generations, instilling values, and integrating passion into our work. Empowering my team and providing them with a platform to raise the bar is what I truly believe in. This approach not only enhances individual growth, but also drives collective success.
Having been a market leader for decades now, what is your vision for the Hiranandani Group going forward?
The Hiranandani Group is bullish about the real estate sector’s upward growth trajectory and is working on a multipronged strategy to capitalise on the positive growth cycle. A service consultant and development management model – Eleva by Hiranandani, has been launched after the group successfully diversified into new asset classes such as Industrial and Logistics Parks and Data Centers across the country. As part of our efforts to enter the redevelopment and SRA segments, we are also actively evaluating projects. Our company will continue to grow exponentially and expand meaningfully.
Any advice for young professionals aspiring to make a mark in the real estate industry?
Firstly, immerse yourself in learning the intricacies of the market — from property trends to regulatory frameworks. Secondly, building a strong network within the industry often paves the way for further opportunities. Thirdly, hone your negotiation skills and stay adaptable in a dynamic market. Lastly, maintain a keen eye for innovation and sustainability, as these factors increasingly shape the future of real estate. Your knowledge, networks, skills and innovation will carve out a successful career path for you in the real estate industry.
You are a fitness enthusiast and a known marathoner. How do you maintain this balance in spite of a hectic schedule?
Health is invaluable, not bought with money, and discipline is essential for achieving enduring success across life’s diverse facets, including your own health. Amidst a hectic schedule, I prioritise regular exercise, yoga and cardio, ensuring everything falls into its rightful place.
You run a hospital and are known to be philanthropic in your approach. Please share your thoughts on giving back to society ?
Running a hospital named after our father, Dr LH Hiranandani, is more than just providing healthcare; it is about giving back to society and making a tangible difference in people’s lives. Our hospital began with 188 beds and has now expanded to 250 beds, with the vision of delivering exceptional medical care. I am happy to see that our hospital has been extraordinary in its medical services.
The legacy you have created is already legendary. But how best would you like to be remembered?
I hope to be remembered for my integrity, and dedication to helping others grow and succeed. Whether through mentoring, motivating or simply being there, I want to leave behind a legacy of compassion and encouragement. Ultimately, I want to be remembered as someone who made a real difference, fostering meaningful connections and empowering others to reach their full potential.
