Hero Realty buys land in Gurugram for Rs 90 cr for plotted development

Hero Realty Pvt Ltd has purchased a 5- acre land in Gurugram for Rs 90 crore to develop a plotted residential project.

The deal was facilitated by property consultant Cushman & Wakefield. The name of the seller has not been disclosed.

Hero Realty, promoted by Sunil Kant Munjal's Hero Enterprise, has bought the land in Sector 85, Gurugram, the consultant said in a statement.

Dharmesh Shah, CEO, Hero Realty, said, The acquisition marks the entry of Hero Realty into the plotted spaces in Delhi-NCR region."

The project will further strengthen its continued sales growth in this fiscal and set the foundation for a significant increase in market share, Shah said.

"This land parcel is over 5 acres at a value of Rs 900 million(Rs 90 crore)," the statement said.

Hero Realty has successfully delivered projects in Ludhiana, Mohali and Haridwar.

Hardeep Lamba, MD Capital markets (North & East), Cushman & Wakefield, said this transaction will not only make way for a successful project but will also offer superior value to the consumers.

Hero Realty has completed 3.25 million square feet of construction.

In addition, 2.76 million square feet of space is being developed across Delhi-National Capital Region and Punjab. It also has a 230-acre industrial park in Haridwar.

In December 2018, Hero Realty announced its foray into the Delhi-NCR property market with an investment of about Rs 900 crore to develop a premium housing project in Gurugram.

The project, named 'Hero Homes - World of Wellness', is spread 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 they want to tap rise in demand after the second wave of the COVID pandemic that hit in April-June 2021.