At 66, India’s real estate tycoon Niranjan Hiranandani has a fierce spirit. Not only is he an avid believer in India’s growth story, he is a big fan of Indian Prime Minister Narendra Modi’s efforts to put the nation on a fast track of development.
The co-founder and managing director of the privately-owned Hiranandani Group, says Modi has a passion, an aggression and a situation that makes a difference.
Ranked among the top global billionaires Hiranandani has been engaged in the real estate business since 1985. This veteran in the sector believes now is the opportunity for growth, especially in the affordable housing sector.
“The PM wants affordable housing for all by 2022. I think the growth will be 50 percent compounded by annum if he wants to achieve that target,” Hiranandani told Entrepreneur at the outlines of the Vibrant Gujarat Summit 2017 at Gandhinagar.
Hiranandani says as the world brims with excess capital, it is a good opportunity for India to draw world’s money after the launch of an international investment center in Gujarat.
Earlier this month, Modi launched India's first international exchange India INX at the Gujarat International Financial Tech City or GIFT City, which is a Special Economic Zone devoted to finance and financial services.
Hiranandani says the international stock exchange is something that will take on and tackle New York, London, Dubai and Singapore.
“It is his (Modi’s) aspiration to make Gandhi Nagar, to make GIFT City a centre of attraction to change the economics of India. The bullet train, infrastructure projects, metros, smart cities, all these require large amounts of investment. It is an opportunity for the international financial center and reinsurance sector,” Hiranandani whose Hiranandani Constructions has a stake in GIFT City said.
Hiranandani says the opportunity for India to draw investment is new. He thinks investment is always necessary for a country where the opportunities of development & infrastructure are created. However, India never had such a situation.
“If we wanted to raise currencies in those sectors, we would have to go to Japan, Hong Kong, Dubai or London. Today, we have it in India and that is an opportunity for India second to none,” says Hiranandani.
Hiranandani who has forayed into sectors such as gas-based power projects, hospitals and has his own township finds GST an opportunity to consolidate the tax base both of the states and the center.
“If we are able to do it as soon as possible, intermediaries will be able to get benefit of it. I think it’s a win-win situation,” says Hiranandani.