Bharti Land inks pact with Eros for residential project

The project will develop over 5.2 mn sqft with over 2,000 residential apartments in various ticket sizes

Bharti Land, new development arm of Bharti Realty, has entered into an agreement with Eros Group to develop a ‘smart’ residential project at Surajkund in Faridabad.

This project will develop 5.2 million sq ft, with 2,000 residential apartments in various sizes. Eros Group owns the land parcel, where Bharti Realty will be developing its first residential project. The project is based on a revenue-sharing model.

S K Sayal, managing director (MD) and chief executive, Bharti Realty said, “We are pleased to partner with Eros to develop this smart project that will set a new benchmark in the residential sector in the National Capital Region.”

Raman K Sood, MD, Eros Group, said: “Real estate has been evolving from bricks and mortar to intelligent homes and Bharti Land has taken a lead to redefine living through its vertical smart community concept, which will be admired by today’s modern consumers.”

Bharti Realty, the holding company of Bharti Land, currently manages around 3 million sqft of Grade-A commercial real estate space and is currently developing another 4 million sqft of commercial real estate office space across major cities in the country.

Sayal in an earlier interview with Business Standard had said,”It will be a vertical smart city over 52 acres, with over five-million-square-feet (sq ft) development area. It will have more than 2,000 units. The project will have all the facilities in the vicinity - educational, medical and commercial. We will be out in the market in six to eight months. It will be a premium project in the mid segment.”

In an Indian context, a smart city would be different and we are undertaking a research for it. “The smartphone will be your key to your apartment...Around 10 apps would run your house. In a smart city, houses are going to be compact. We are talking to people, brokers, and other related persons to identify the ticket size and the price tag,” he had said.

In August last year, S K Sayal was appointed as the new managing director and CEO for conceptualising and implementing a scalable business strategy and providing overall leadership to the real estate business. The real estate sector in the country is going through a slowdown phase. Developers are hard pressed on funds and sales are not happening leading to a high inventory. According to experts, this is the right to enter real estate as one would get a good deal on land valuation and when the market revives, the company would have its product offerings ready.