Hirco Makes Sales Worth $133 Million in Chennai, India

By Anuradha Kher, Online News EditorChennai, India–Hirco Plc, the investment vehicle for Hiranandani, one of India’s largest developers of luxury mixed-use communities, announced this week that the company had made sales worth $133 million for residential units in Phase 1 of its newest township development, Hiranandani Palace Gardens. Palace Gardens will offer a range of condominium sizes and styles. The three-phase development will contain offices, schools, health care facilities, shops, recreational facilities, and public space set within 369 acres. It is located in the south west part of Chennai, one of India’s premier Information Technology cities.The Palace Gardens was selling its space for $92 per sq. ft. in September last year but rates went up to $98 per sq. ft. at the beginning of 2008, due to rising demand. Pre-construction sales for the Chennai Township started in May 2007.Hiranandani Palace Gardens will be built over a total area of approximately 30.1 million square feet, of which 21.5 million will be residential.