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DLF, the foremost real estate developer in the nation, is in talks with Bharti Realty to purchase the under-construction portions of Aerocity in Delhi, which has a total development potential of 17 million square feet.
The retail portion of the portfolio will occupy about 5 million square feet, and when completion, the project is anticipated to provide ₹5,000 crores in rental income annually.
Bharti Realty Also Constructed The First Phase Of Aerocity Project
Bharti also constructed the first phase of Aerocity. However, later on, Canada’s Brookfield Asset Management bought a 51% controlling position in Rostrum Realty, a joint venture business focused on real estate, with Bharti Enterprises led by Sunil Mittal owning the remaining 49%.
GMR has the lease agreement for the entire space until the year 2066. DLF entered the initial bid invitation, but Bharti Realty won. According to someone with knowledge of the deal, “It has recommenced the process of obtaining the asset in order to boost its rental portfolio even more.”
The Aerocity Project Is Become A Major International Commercial Hub
According to sources, the business will probably incorporate a special purpose vehicle (SPV) into the sale structure. Given that it now manages about 40 million square feet of real estate nationwide, DLF Cyber City Developers (DCCDL), the company’s leasing division, is probably going to look after the property.
When ET asked about DLF’s position on the article, a representative responded, “We do not comment on market speculation.” An email inquiry was not answered by Bharti Realty.
With an investment of over ₹6,595 crores (roughly $794 million), Bharti Realty has already begun developing 6.5 million square feet of space in order to transform the project into a major international commercial hub.
Aerocity Project Is One Of The Largest Malls By Retail Space
It will include about 3 million square feet of retail space, with one of the largest malls in the area included. A balance of over 10 million square feet will be created in the next phases, of which roughly 2 million will be used for retail. Around 1.5 million square feet were successfully constructed by Bharti Realty as part of the first phase.
Rostrum Realty, a joint venture between Brookfield and Bharti Enterprises, is now the owner of these buildings. There will be space for more than 10,000 parking spots, and each office tower will include a retail component in addition to a separate mall.
The Commercial Business District At Worldmark Aerocity
As at the end of 2024, the business intends to start offering possession. Worldmark -4, Worldmark -5, Worldmark -6, Worldmark, and Worldmark-7 are new assets that will be added to the Worldmark portfolio as a result of this development.
When combined, these developments will create a commercial district with around 3.5 million leasable square feet of space. The new precinct will be almost three times the size of the current Worldmark facilities. The new Worldmark properties are situated inside an integrated complex that spans around 60 acres.
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Source- ET
