Bharti Realty intends to invest more than Rs 6,595 crore in the construction of a global commercial hub close to the Delhi airport. The next phase of the development of Aerocity will include the construction of about 6.5 million square feet of office and retail space.
Bharti Realty successfully constructed Worldmark 1, 2, and 3 in the first phase, totaling about 1.5 million square feet space. Rostrum Realty, a partnership between Brookfield Asset Management and Bharti Enterprises, is now the joint owner of these properties.
They have started one of Delhi’s greatest developments, and once it is finished, it will rival the top international business districts around the globe. Global MNCs looking for office space and foreign companies looking to join India will turn to this location.
In May of this year, Sunil Mittal-led Bharti Enterprises acquired the remaining 49% of Rostrum Realty Pvt Ltd, a joint venture company in the real estate industry, from Canada’s Brookfield, which now owns 51% of the company.
Bharti Realty Focuses On Aerocity Development Project
- Despite the fact that there are other phases of the development of Aerocity in the works, Bharti Real Estate is still concentrating on the current phase, which is anticipated to be among the top real estate ventures in Delhi.
- For the creation of a global commercial centre close to the Delhi airport, Bharti Real Estate intends to invest more than Rs 6,595 crore.
- 6.5 million square feet of office and retail space will be built as part of Aerocity’s second phase of development.
- Worldmark 1, 2, and 3 are part of the initial phase, which is now held by Rostrum Realty, a partnership between Bharti Enterprises and Brookfield Asset Management.
- With an enterprise value of Rs 5,000 crore, Canadian company Brookfield purchased a 51% controlling stake in Rostrum Realty Pvt Ltd in May of this year.
- Beginning in 2025, Bharti Real Estate intends to start giving customers custody of the new assets.
- With the additional extension, the Worldmark portfolio will now encompass Worldmark 4, 5, 6, and 7, with a total leasable space of about 3.5 million square feet.
- Supporting infrastructure for the project includes RRTS, Automated People Mover, metro lines, and airport terminals.
- The current development phase of Aerocity is where Bharti Real Estate is concentrating its efforts.
Source- ET
