A new chapter is on the horizon for Delhi’s Aerocity, as Bharti Realty, Bharti Enterprises’ prominent real estate sector, starts on an ambitious quest to construct a massive 17 million sq ft commercial area.
This endeavor is more than simply real estate; it is a bold step toward altering Delhi’s commercial environment, seeking to meet the increasing demand for luxury office and retail spaces as India’s economy grows.
Growth’s Vision
Bharti Realty intends to expand its current Worldmark project in Aerocity by adding 17 million square feet of commercial space, which will be implemented in stages. The program begins with developing 6.5 million square feet, divided between Grade-A office spaces and retail sections.
This construction is expected to address the national capital’s critical scarcity of high-quality office space while establishing the project among the world’s premier commercial centers.
Bharti Realty’s legacy includes nearly 5 million square feet of Grade-A commercial real estate, including a large investment and cooperation in the Worldmark Aerocity project, with Brookfield acquiring a 51% interest.
The project, granted by Delhi International Airport Ltd, a subsidiary of GMR Infrastructure, demonstrates Bharti Realty’s consistent commitment to improving infrastructure in line with overall economic trends.
These figures indicate a strong demand for excellent office and retail space in India’s main cities. S.K. Sayal, the company’s managing director and CEO, detailed the aim for this commercial project’s placement on the global business district map, highlighting that planning for the remaining 10.5 million sq ft area is currently ongoing.
With multiple firms given building contracts, Sayal expects a significant increase in rental yield, with typical office rates in the operating portion of the Worldmark project exceeding Rs 225 per square foot. This initiative is more than just a business venture; it is a deliberate effort to solve the national capital’s lack of quality office space while riding the tide of India’s strong economic growth.
The cooperation between Bharti Enterprises and Brookfield Asset Management, which saw Brookfield acquire a 51% share in four of Bharti Enterprises’ commercial properties, including Worldmark at Aerocity, for an enterprise value of Rs 5,000 crore, provides the groundwork for this enormous initiative.
This joint venture deal for a 3.3 million square foot portfolio of commercial assets, predominantly in the Delhi-NCR region, represents a collaboration with the potential to alter Delhi’s commercial real estate environment.
As we look ahead, Bharti Realty’s project near Delhi’s airport is more than simply infrastructure; it is a beacon of economic prosperity, offering to meet the growing need for quality office and retail space. This endeavor begins a new era for Delhi’s commercial real estate, with the potential to have a worldwide impact.
