Bharti Enterprises’ real estate firm Bharti Realty plans to invest about Rs35 billion to develop one commercial and a housing project in Delhi-NCR, a top company official said.
It sees a big shift in demand to organised real estate developers post-introduction of new real estate law RERA and GST.
Bharti Realty, which has currently around 15 completed projects, including 5 million sq ft of fully leased Grade-A commercial space in Delhi-NCR and some other cities, has 1 million sq ft of office building nearing completion in Gurgaon.
Company Managing Director and CEO S K Sayal said that it has bagged a project from Delhi International Airport Ltd (DIAL) to develop a commercial property which will have about 2.5 million sq ft of leasable area, mostly retail, PTI quoted him as saying.
It will soon start development of this 23 acre of land parcel and targets to complete it in next four years with an investment of about Rs15 billion.
DIAL is a subsidiary of GMR Infrastructure. Bharti Realty already has 2-3 properties in commercial hub ‘Aerocity’ near Delhi airport.
Asked about residential business, Sayal said the company has entered into a joint venture with Eros Group to develop a housing project on 52 acre land at Surajkund in Haryana.
This project, comprising 2,300 units and 5 million sq ft development, would be completed over the next seven years with a cost of around Rs20 billion with the apartment price ranging from Rs1.25 million to Rs40 million.