Hirco Reports Continuing Robust Sales in Chennai Township

Pre-construction Sales in Panvel Township Launched in March
LONDON--(Business Wire)--
Hirco PLC (AIM:HRCO), the investment vehicle for Hiranandani,
India's largest developer of prestigious mixed-use townships, today
announced that sales of residential units in Phase 1 of its
Hiranandani Palace Gardens township development in Chennai continue to
be robust both in terms of volume of units sold and the level of
pricing achieved.

As of 31st March 2008, sales consideration has been accepted on
approximately 1,562,820 square feet at an average price of Rs 3,906
(GBP 49.10) per square foot. This represents a significant increase
over figures reported in January of 1,381,951 square feet at an
average price of Rs 3,834 (GBP 48.19).

The total sales consideration as of 31st March 2008 was Rs 6.1
billion (GBP 76.73 million).

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

The township will offer a range of apartment sizes and styles
designed to appeal to employees of major international companies
located within the township's catchment area.

The township will be constructed over three phases, all building
to a unique master plan. Hiranandani Palace Gardens will be a
self-sustaining community with offices, schools, health care
facilities, shops, recreational facilities, and public space set
within 369 acres. The township is located along the business corridor
southwest of Chennai and has easy access to the international airport,
the national highway system and rail transport.

The Company also announced that pre-construction sales for Hirco's
eagerly anticipated Hiranandani Palace Gardens mixed-use township
development in Panvel, located in the Mumbai Metropolitan Region,
began in March 2008.

Sales consideration has already been accepted on approximately
597,014 square feet, at an average price of Rs 4,156 (GBP 52.24) per
square foot.

Mr. Hiranandani said: "We are very pleased to report strong
initial sales for our development in Panvel, which is located in a
very attractive area of suburban Mumbai that is experiencing
tremendous growth."

Hirco's combined commercial and residential site in Panvel has
been designated as 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.

About Hirco

Hirco PLC is the investment vehicle for Hiranandani, India's
largest developer of prestigious mixed-use townships for the country's
increasingly affluent middle class. Our modern, large-scale
developments - combining high-quality residential, commercial and
retail components with green space and social and recreational
facilities - are strategically located in suburban areas outside major
city centres. Hirco's four current projects - in Chennai in southeast
India and Panvel, in the Mumbai Metropolitan Region - feature a
combined total of 66.4 million square feet of buildable mixed-use
space.

Hirco PLC shares are traded on the London Stock Exchange's
Alternative Investment Market (AIM) under the symbol HRCO. At the time
of its admission to trading on AIM in December 2006, Hirco PLC was the
largest-ever real estate investment company IPO on the AIM and that
year's largest IPO on the AIM.

For additional information about Hirco, including the Company's
Annual Report and Accounts for the period ended 30thSeptember 2007,
please visit www.hirco.com.

Hirco
Jasper Reiser, +91 22 6671 8522
jreiser@hirco.com
or
Gutenberg Communications
US
Hugh Burnham / Michael Gallo
+1 212 239 8595 / +1 212 239 8594
hugh@gutenbergpr.com
mgallo@gutenbergpr.com
or
UK
Shalini Siromani, +44 (0) 20 3008 5231
shalini@gutenbergpr.com
or
India
Pranav Kumar, +91 98 1007 7898
pranav@gutenbergpr.com

Copyright Business Wire 2008