Hero Realty has partnered with Saheb Enterprise to develop a 2 million square foot mixed-use project in Gurugram with a potential sales revenue of Rs 2000 crore. Sunil Kant Munjal’s Hero Enterprise promotes Hero Realty.
Hero Realty has signed a joint development agreement for the construction of housing and commercial complexes with Saheb Enterprise, which owns an 8 acres’ land parcel. The property is situated on the Dwarka Expressway in Sector 104, Gurugram.
Hero Realty and Saheb Enterprise both confirmed the transaction. Hero Realty stated that the joint development agreement (JDA) with Saheb Enterprise is for the development of a project of approximately 2 million square feet.
Hero Realty has stated that it expects to earn Rs 2000 crore from this project. Dharmesh Shah, CEO of Hero Realty, described the acquisition as a watershed moment in the company’s expansion into key markets.
This project will help the company’s ongoing sales growth while also laying the groundwork for a significant increase in market share, according to Shah.
The Promoters of Saheb Enterprise, Digvijay Singh (CFA) and Lavanya Singh Dinodia, stated that this venture would provide consumers in the Delhi NCR region with best-in-class real estate.
Dinodia stated that the company owns strategically located land parcels along the Dwarka Motorway, which has emerged as a major real estate market in the Delhi-NCR region.
She stated that Saheb Enterprise had previously entered into a few joint development agreements with other builders to undertake real estate projects.
Hero Realty paid Rs 90 crore for a 5-acre plotted residential project in Gurugram in February as part of its business expansion strategy. Hero Realty has completed projects in Ludhiana, Mohali, and Haridwar. Hero Realty has completed construction on 3.25 million square feet.
Furthermore, 2.76 million square feet of space is being constructed in Delhi-NCR and Punjab. Hero Realty announced its entry into the Delhi-NCR property market in December 2018 with an investment of approximately Rs 900 crore to develop a premium housing project in Gurugram.
The ‘Hero Homes ‘World of Wellness’ project is spread across 9 acres in Sector 104 on the Dwarka Motorway and includes approximately 1000 apartments.
Source-ET
