Hero Realty has forayed into the Delhi-NCR property market and will invest about Rs 900 crore over the next four years to develop a premium housing project in Gurugram, a top company official said.
Hero Realty, the real estate arm of Sunil Kant Munjal-led Hero Enterprise, has completed many projects in Haridwar and is currently developing projects in Mohali and Ludhiana. It builds and markets projects under the brand Hero Homes.
"We are coming up with a 9-acre housing project in Sector 104 on Dwarka Expressway named 'Hero Homes - World of Wellness'. This is our first project in Delhi-NCR," Hero Realty CEO Nagaraju Routhu told PTI.
He said the company would develop about 1,000 flats in this project, of which 300 units have been launched in the first phase. It is selling flats at a starting price of Rs 68 lakh.
"We have achieved best carpet area efficiency and effective space utilisation in this project without compromising on the green area which is 85 per cent," he said.
The apartment sizes vary from 1,100 sq ft to nearly 1,700 sq ft.
On investment, he said the total project cost is estimated at over Rs 900 crore.
The investment would be funded through internal accruals and advances from customers against sales, he said, adding the company would take construction finance from banks if needed.
"Initial market response to Hero Homes, Gurugram has been beyond all expectations," he added.
The construction work would commence soon and the project would be completed in four years.
With more than 1.3 million square feet delivered and 4 million square feet ongoing, Hero Realty is among the top emerging developers in India. The company has developed projects like Haridwar Greens and a 91-acre township Alaknanda in Haridwar.
"We have already delivered over 2,000 units in Haridwar," he said, adding the projects in Ludhiana and Mohali have around 1,000 units each.
Hero Enterprise has interests in insurance distribution, steel-making, real estate, and corporate training. It has also made investments in e-commerce, hospitality and other sectors.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
