Mumbai: Realty major Hiranandani Group mulls investing Rs 2,000-3,000 crore by next year in residential complexes and commercial spaces.

"We will invest Rs 2,000-3,000 crore in the next one year to construct residential and commercial structures," Hiranandani Constructions Co-Founder and Managing Director
Niranjan Hiranandani said.

The official declined to divulge the markets in which the company would invest. "We are currently focusing on Ahmedabad, Nashik and Pune. We are already coming up in a big way in Chennai, Bangalore and Mangalore."

The group is likely to foray into the power generation segment and is in the midst of setting up a 2,500-MW project with an outlay of over Rs 10,000 crore, he said.

The project, which marks the Group's maiden venture in the power generation business, is located near Pune.

The project will come up in three phases, with Phase-I generating 350 MW of power. However, the venture is facing certain environmental clearance issues, a company spokesperson said.

The Group, which also owns luxury hotels Rodas and Melhua - The Fern, plans to expand its footprint in the segment in India and overseas through the inorganic route, Hiranandani
said.



(Agencies)