Bharti Realty in Talks to Form JVs For Projects Over Rs 1000 Crore in NCR
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 landowners 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 landowners and other real estate developers for partnerships. We are actively considering it,” Bharti Realty MD and CEO S K Sayal told PTI. 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 1,000 crore each and the deal could be finalised in the 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 housing project at Surajkund will be the vertical smart city where apartment price will be in the range of Rs 1.25 crore to Rs 4 crore. On the commercial project that it bagged from the Delhi International 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 been 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 1,500 crore. In January 2017 DIAL which operates the aerodrome in the national capital had given the contract to Bharti Realty to develop an area of nearly 2 lakh sq meters of retail space near the airport. Bharti Realty already has 2-3 properties in Aerocity named Worldmark Aerocity comprising fully leased 1.5 million sqft area.
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