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Hero Realty has partnered with Saheb Enterprise to build a 2 million square foot mixed-use joint project in Gurugram with a projected sales income of Rs 2,000 crore. Hero Enterprise is owned by Sunil Kant Munjal that promotes Hero Realty.
Sources claim that Hero Realty and Saheb Enterprise, the owner of an 8-acre property tract, have inked a joint development agreement for the construction of residential and commercial complexes.
The property is situated in Sector 104 Gurugram along with the Dwarka Expressway. The contract for the joint project development was also confirmed by Hero Realty and Saheb Enterprise.
Hero Realty hopes to earn Rs 2,000 crore from this mix project. Hero Realty’s CEO, Dharmesh Shah, called it a significant step towards growing its presence in planned areas.
The Delhi NCR region will serve as the primary engine for our expansion, according to the JV-JD model, he said. This effort will support the ongoing sales growth and lay the groundwork for a significant rise in the market share.
The founders of Saheb Enterprise, Digvijay Singh (CFA) and Lavanya Singh Dinodia, claimed that their business will offer the best real estate project available in Delhi-NCR.
According to Dinodia, the business has prime land parcels along the Dwarka Expressway, which has grown to be a significant real estate market in Delhi-NCR. She said that Saheb Enterprise has earlier signed a small number of joint development contracts with other homebuilders for the completion of real estate projects.
As part of its plan to raise the customer base, Hero Realty spent Rs 90 crore to purchase a 5-acre block of property in Gurugram. Hero Realty have been successfully completed projects in Ludhiana, Mohali, and Haridwar.
Hero Realty has completed construction on 3.25 million square feet. Moreover, 2.76 million square feet of space are being developed in Punjab and Delhi-NCR.
Hero Realty announced its entry into the Delhi-NCR real estate market in December 2018 and committed approximately Rs 900 crore for the construction of a luxury housing complex in Gurugram.
The Hero Homes – World of Wellness project in Sector 104 Gurugram, spans 9 acres on the Dwarka Expressway, has a total of 1,000 apartments.
In order to take advantage of the increase in demand following the second wave of the COVID epidemic, which struck in April–June 2021, real estate developers have started buying land outright and forming partnerships with landowners to create residential projects in major cities.