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Bharti Realty plans projects worth Rs 10 bn each in Delhi, Gurugram

Bharti Realty currently has around 15 completed projects, having nearly 5 million sq ft of fully leased Grade-A commercial space in Delhi-NCR and some other cities

Economy Of India  |  Bharti Enterprises  |  India

Press Trust of India  |  New Delhi 

Mumbai realtors may switch from residential to commercial projects

Bharti Realty, the real estate arm of Bharti Enterprises, is looking to expand its presence in and markets and is in talks with land owners as well as other developers for joint ventures to build new projects worth over Rs 1,000 crore each, a top company official said.

currently has around 15 completed projects, having nearly 5 million sq ft of fully leased Grade-A commercial space, in Delhi- and some other cities. It has almost completed a 7 lakh sq ft office building at and will soon start the leasing process.

"We are looking to add new projects in and . We are being approached by land owners and other for partnerships. We are actively considering it," MD and S K Sayal told PTI.

The company would continue to focus on the national capital region market, he said.

Sayal said the size of the projects would be over Rs 10 billion each and the deal could be finalised in next few months.

To foray into the housing segment, had in 2015 formed a JV with to develop a residential project at Surajkund in .

Asked about the status of this 52 acre-project, Sayal said the construction work has not yet started because of a pending legal case in the (NGT).

The company has got all regulatory approvals from the central as well as the state government to start this project, comprising 2,300 units and around Rs 20 billon of investment, he said.

Sayal expects that the company would soon get approvals from the NGT and the National Capital Region Planning Board (NCRPB) to develop this project.

The housing project at Surajkund will be vertical smart city where apartment price will be in the range of Rs 12.5 million to Rs 40 million.

On the commercial project that it bagged from the International Airport Ltd (DIAL), Sayal said the construction work would start in 6-8 months' time as the project is being conceptualised and the overall master plan of the commercial hub 'Aerocity' near airport is being approved.

The development of this 23-acre commercial project, having about 2.5 million sq ft of leasable area, mostly retail, would require an investment of about Rs 15 million.

In January 2017, DIAL -- which operates the aerodrome in the national capital -- had given the contract to Bharti Realty to develop an area of nearly 2 lakh sq metres of retail space near the airport here.

This contract, decided through bidding process, involved an upfront payment of Rs 3.15 billion as well as licence fee equivalent to 20 per cent of revenue with minimum guaranteed payments, GMR had said last year. DIAL is a subsidiary of .

Bharti Realty already has 2-3 properties in 'Aerocity', named 'Worldmark Aerocity', comprising fully-leased 1.5 million sq ft area.

On the overall real estate market, Sayal said the sentiments are low and housing demand is subdued.

"The dynamics in have changed post demonetisation, new real estate law RERA and the GST. Forward trading has stopped. There is lot of sanity in the market and the consumers will be beneficiary of these reforms," he noted.

The has presence in telecom, agri-business, financial services, retail and real estate among others.

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First Published: Sun, November 04 2018. 11:35 IST