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Hero Realty (HRPL) has inked a new joint venture (JV) agreement with Saheb Enterprise to develop a premium residential complex in Sector-104, Gurugram, Haryana. Under the JV, Sunil Munjals Hero Enterprise-backed company will develop 8,00,000 sq. ft., and expects to clock an additional Rs 1,500 crore in topline.
With the addition of this new land parcel, Hero Realty and Saheb Enterprise project land will be increased to 11 acres making it one of the largest residential developments in the city. In April 2023, both the companies had entered into JV to develop approx. two million sq. ft. of land parcel.
The project is expected to gain further traction as it offers easy access to National Highway-48 and Northern Peripheral Road, and Dwarka Expressway to be operationalised soon. In this financial year, Hero Realty plans to launch real estate projects of nearly four million sq. ft., boasting an estimated revenue potential of Rs 3,500 crore. With a focus on residential development, the firm aims to invest Rs 1,000-1,200 crore in this period.
Hero Realty, with flagship projects plans in Northern India plans to expand its presence in Mohali and Ludhiana, and its new business vertical, Hero Earth, will specialise in plotted developments across Delhi-National Capital Region (NCR). The company aims to clock Rs 5,000 crore in sales from the North region. |
