Hero Realty and Saheb Enterprise are constructing a project in Gurugram for Rs 2,000 crore.
In order to jointly build a 2 million square foot mixed-use project in Gurugram with a projected sales income of Rs 2,000 crore, Hero Realty has partnered with Saheb Enterprise.
Hero Enterprise, owned by Sunil Kant Munjal, promotes Hero Realty.
Sources claim that Hero Realty and Saheb Enterprise, the owners of an 8-acre property tract, have inked a joint development agreement for the construction of residential and commercial complexes.
The piece of property is situated in Gurugram’s Sector 104, beside the Dwarka Motorway.
The contract was confirmed by Hero Realty and Saheb Enterprise.
According to Hero Realty, the joint development agreement (JDA) with Saheb Enterprise is for the development of a project with a square footage of roughly 2 million.
Hero Realty stated that it hopes to earn Rs 2,000 crore from this project.
Hero Realty’s CEO, Dharmesh Shah, called it a significant step towards expanding its presence in strategic areas.
According to the JV-JD model, the Delhi-NCR region will serve as the primary engine for our expansion.
According to Shah, this effort will support the business’s ongoing sales growth and lay the groundwork for a considerable rise in its market share.
The founders of Saheb Enterprise, Digvijay Singh (CFA) and Lavanya Singh Dinodia, claimed that their business would provide customers in the Delhi-National Capital Region with the best real estate available.
The Dwarka Expressway has grown to be a significant real estate market in the Delhi-NCR, according to Dinodia, who claimed that the company owns critical property parcels along it.
She said that Saheb Enterprise has previously signed a few joint development contracts with other homebuilders to carry out real estate projects.
As part of its plan to grow the company, Hero Realty spent Rs 90 crore in February to buy a 5-acre block of land in Gurugram.
In Ludhiana, Mohali, and Haridwar, Hero Realty has successfully completed projects.
3.25 million square feet of construction have been finished by Hero Realty.
Moreover, Punjab and Delhi-NCR are developing 2.76 million square feet of area.
With an expenditure of nearly Rs 900 crore to create a luxury housing complex in Gurugram, Hero Realty made its entry into the Delhi-NCR real estate market in December 2018.
Around 1,000 residences are included in the project, dubbed “Hero Homes: World of Wellness,” which spans 9 acres in Sector 104 on the Dwarka Motorway.
To capitalize on the rise in demand following the second wave of the COVID epidemic, which struck in April–June 2021, real estate developers have started buying a property outright and forming partnerships with landowners to create residential projects throughout major cities.
