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Hero Realty Pvt Ltd has paid Rs 90 crore for a 5-acre plotted residential project in Sector 85, Gurugram. Cushman & Wakefield, a property consultant, assisted with the transaction, and the seller’s identity has yet to be revealed.
Hero Realty, a secondary body of Sunil Kant Munjal’s Hero Enterprise, has purchased land in Gurugram’s Sector 85 for residential development.
“The acquisition marks Hero Realty’s entry into the plotted spaces in the Country’s national capital region,” said Dharmesh Shah, CEO of Hero Realty.
According to Shah, the project will help the company’s continued sales growth this fiscal year and lay the groundwork for a significant increase in market share.
Hero Realty has completed projects earlier in Ludhiana, Mohali, and Haridwar. According to Hardeep Lamba, MD Capital Markets, Cushman & Wakefield (North & East), this transaction will pave the way for a successful project and deliver consumers superior value.
Hero Realty has already completed construction on 3.25 million square feet of land. Furthermore, 2.76 million square feet of space are being built in the Delhi-NCR and Punjab. It also has a 230-acre industrial park in Haridwar, Uttrakhand.
In December 2018, Hero Realty announced its entry into the Delhi-NCR property market with an investment capital of approximately 900 crores to develop a premium housing project in Gurugram.
The Hero Homes: World of Wellness project is spread across 9 acres of land parcels in Sector 104 Gurgaon on the Dwarka Expressway, including roughly 1,000 apartments.
Many renowned Real estate developers have been buying land altogether and partnering with landowners to develop residential projects across major cities in looking forward to a surge in property demand after the second wave of the COVID pandemic in April-June 2021.