Hero Realty ties up with Saheb Enterprise for joint development project in Gurugram

Hero Realty has tied up with Saheb Enterprise for joint development of a 2 mn sq ft mixed-use project in Gurugram with potential sales revenue of Rs 2,000 crore.

Hero Realty is promoted by Sunil Kant Munjal's Hero Enterprise. According to sources, Hero Realty has signed a joint development agreement with Saheb Enterprise, which owns an 8-acre land parcel, for construction of housing and commercial complexes. land parcel is located on Dwarka Expressway in Sector 104, Gurugram. Both Hero Realty and Saheb Enterprise confirmed deal.

Hero Realty said joint development agreement (JDA) with Saheb Enterprise is for development of about 2 mn sq ft project. Hero Realty said it is targeting Rs 2,000 crore revenue from this project. Dharmesh Shah, CEO, Hero Realty, said its a landmark step towards strengning its footprint in key regions.

" JV-JD model is going to drive our expansion primarily in and around Delhi NCR region," he said.

This project will furr strengn company's continued sales growth and also set foundation for a significant increase in its market share, Shah said.

Digvijay Singh (CFA) and Lavanya Singh Dinodia, Promoters of Saheb Enterprise, said this venture would offer best in category real estate to consumers in Delhi NCR region.

Dinodia said company holds strategic land parcels along Dwarka Expressway, which has emerged as a major real estate market in Delhi-NCR. Saheb Enterprise h earlier entered into few joint development agreements with or builders for undertaking real estate projects, she said.

In February, Hero Realty purchased a 5-acre land in Gurugram for Rs 90 crore to develop a plotted residential project, as part of its strategy to expand business. Hero Realty has successfully delivered projects in Ludhiana, Mohali and Haridwar.

Hero Realty has completed 3.25 million square feet of construction. In dition, 2.76 mn sq ft of space are being built out in Delhi-NCR and Punjab.

In December 2018, Hero Realty announced its foray into Delhi-NCR property market with an investment of about Rs 900 crore to develop a premium housing project in Gurugram. project, named 'Hero Homes - World of Wellness', is spre over 9 acres at Sector 104 on Dwarka Expressway and comprises around 1,000 apartments.

Real estate developers have been acquiring land outright and also tying up with landowners to develop residential projects across major cities as y want to tap rise in demand after second wave of Covid pandemic that hit in April-June 2021.