Bharti Realty plans projects worth Rs 10 bn each in Delhi, Gurugram
Bharti Realty, the real estate arm of Bharti Enterprises, is looking to expand its presence in Delhi and Gurugram markets and is in talks with land owners as well as other developers for joint ventures to build new projects worth over Rs 1,000 crore each, a top company official said.
Bharti Realty currently has around 15 completed projects, having nearly 5 million sq ft of fully leased Grade-A commercial space, in Delhi-NCR and some other cities. It has almost completed a 7 lakh sq ft office building at Gurugram and will soon start the leasing process.
“We are looking to add new projects in Delhi and Gurugram. We are being approached by land owners and other real estate developers for partnerships. We are actively considering it,” Bharti Realty MD and CEO S K Sayal. The company would continue to focus on the national capital region market, he said.
Sayal said the size of the projects would be over Rs 10 billion each and the deal could be finalised in next few months.
To foray into the housing segment, Bharti Realty had in 2015 formed a JV with Eros group to develop a residential project at Surajkund in Haryana.
Asked about the status of this 52 acre-project, Sayal said the construction work has not yet started because of a pending legal case in the National Green Tribunal (NGT).
The company has got all regulatory approvals from the central as well as the state government to start this project, comprising 2,300 units and around Rs 20 billon of investment, he said.
Sayal expects that the company would soon get approvals from the NGT and the National Capital Region Planning Board (NCRPB) to develop this project.
The housing project at Surajkund will be vertical smart city where apartment price will be in the range of Rs 12.5 million to Rs 40 million.
On the commercial project that it bagged from the Delhi International Airport Ltd (DIAL), Sayal said the construction work would start in 6-8 months’ time as the project is being conceptualised and the overall master plan of the commercial hub ‘Aerocity’ near airport is being approved.
The development of this 23-acre commercial project, having about 2.5 million sq ft of leasable area, mostly retail, would require an investment of about Rs 15 million.