Hero Realty Pvt Ltd has entered into a new joint venture (JV) agreement with a Gurgaon based Saheb Enterprise, to develop a premium residential complex in sector 104, Gurgaon.
This is the second joint venture by Hero realty with the same company. In April 2023, both the companies had entered into JV to develop an approximately 2 million square feet targeting revenue of Rs 2000 crore.
Under the new JV, the company, backed by Sunil Kant Munjal’s Hero Enterprise, will develop 800,000 sq ft targeting an additional revenue of Rs 1500 crore.
With the addition of this new land parcel, Hero Realty and Saheb Enterprise project land will be increased to 11 acres making it one of the largest residential developments in Gurugram.
“This JV project will allow us to significantly increase our market share in Gurugram over the next several years and fits within our strategy of deepening our presence across key real estate micro-markets. This project will further strengthen our continued sales growth in the current financial year,” said Dharmesh Shah, CEO, Hero Realty Pvt. Ltd.
Hero Realty plans to launch real estate projects spanning around 4 million square feet in this financial year, with an estimated revenue potential of Rs 3,500 crore. With a focus on residential development, Hero Realty aims to invest Rs 1,000-1,200 crore in this fiscal.
Sectors around the Dwarka Expressway is fast emerging as an attractive investment opportunity.
Hero Realty has already delivered flagship projects in Gurugram, Ludhiana, Mohali, and Haridwar.
The company has introduced a new business vertical, Hero Earth, which will specialise in plotted developments across Delhi-National Capital Region (NCR).
Hero realty is also looking to expand its presence in Mohali and Ludhiana where it is already executing projects.
The company aims to clock annual sales of Rs 5,000 crore to become the second or third largest real estate company in northern India and among the top 10 players in India.
Source : ET
