New Delhi, Apr 4: Hero Realty has tied up with Saheb Enterprise for joint development of a 2 million square feet mixed-use project in Gurugram with potential sales revenue of Rs 2,000 crore.
Hero Realty is promoted by Sunil Kant Munjal’s Hero Enterprise.
According to sources, Hero Realty has signed a joint development agreement with Saheb Enterprise, which owns an 8-acre land parcel, for construction of housing and commercial complexes.
The land parcel is located on Dwarka Expressway in Sector 104, Gurugram.
Both Hero Realty and Saheb Enterprise confirmed the deal.
Hero Realty said the joint development agreement (JDA) with Saheb Enterprise is for development of about 2 million square feet project.
Hero Realty said it is targeting Rs 2,000 crore revenue from this project.
Dharmesh Shah, CEO, Hero Realty, said its a landmark step towards strengthening its footprint in key regions.
“The JV-JD model is going to drive our expansion primarily in and around the Delhi NCR region,” he said.
This project will further strengthen the company’s continued sales growth and also set the foundation for a significant increase in its market share, Shah said.
Digvijay Singh (CFA) and Lavanya Singh Dinodia, the Promoters of Saheb Enterprise, said this venture would offer best in category real estate to consumers in the Delhi NCR region.
Dinodia said the company holds strategic land parcels along the Dwarka Expressway, which has emerged as a major real estate market in Delhi-NCR.
Saheb Enterprise had earlier entered into few joint development agreements with other builders for undertaking real estate projects, she said.
In February, Hero Realty purchased a 5-acre land in Gurugram for Rs 90 crore to develop a plotted residential project, as part of its strategy to expand business.
Hero Realty has successfully delivered projects in Ludhiana, Mohali and Haridwar.
Hero Realty has completed 3.25 million square feet of construction.
In addition, 2.76 million square feet of space are being built out in Delhi-NCR and Punjab.
In December 2018, Hero Realty announced its foray into the Delhi-NCR property market with an investment of about Rs 900 crore to develop a premium housing project in Gurugram.
The project, named ‘Hero Homes – World of Wellness’, is spread over 9 acres at Sector 104 on Dwarka Expressway and comprises around 1,000 apartments.
Real estate developers have been acquiring land outright and also tying up with landowners to develop residential projects across major cities as they want to tap rise in demand after the second wave of the Covid pandemic that hit in April-June 2021.