The Delhi-NCR real estate market is set to get a major boost with Bharti Realty choosing to invest a sum of approximately Rs. 3, 500 crore for developing a housing project and commercial project in the region. Bharti Realty is the real estate division of Bharti Enterprises, one of the country’s top business conglomerates. The company is reportedly eyeing the growing number of customers opting for real estate developers who are structured and organized post the introduction of GST and RERA. Bharti Realty has already finished 15 projects and has 5 million sq. ft. of Grade-A commercial space that has been leased out in Delhi-NCR and other major cities. 1 million sq. ft. in an office building is presently being wrapped up in Gurgaon.
The company has won the project from the DIAL (Delhi International Airport Limited) for developing a major commercial property which will encompass 2.5 million sq. ft. in leasable area and most of this will be given for retail purposes. The company will commence developing this project soon and aims at completing the same within a period of four years. The project will come up on a land parcel of 23 acres. This will be one of Delhi-NCR’s largest retail projects and the total investment will work out to approximately Rs. 1, 500 crore according to experts.
DIAL had awarded the contract for developing close to 2 lakh sq. metres of retail space in proximity to the Indira Gandhi International Airport last year to Bharti Realty. There was a bidding procedure followed for this contract along with Rs. 315 crore as the up-front payment in tandem with the license fee which equates to a whopping 20% of the revenue with minimum guaranteed payments according to GMR which is the parent company of DIAL. Bharti Realty also possesses 2-3 properties at Aerocity which is near the airport in Delhi. The company has also partnered with the Eros Group for foraying into the housing business.
This will pertain to a housing project covering 52 acres at Haryana’s Surajkund. All necessary government approvals have been obtained and construction work will commence soon. The project comprises of 2, 300 units and covers 5 million sq. ft. in all. The project is expected to be fully ready within 7 years and the total cost will be approximately Rs. 2, 000 crore as per experts. This will be a vertical smart city with apartment prices ranging between Rs. 1.25-4 crore on an average. The investment amounts will come from bank loans and internal accruals.
The company believes in adhering to suitable business practices and claims to have been unaffected by the slowdown in the real estate market. It will continue focusing on the Delhi-NCR region for its real estate endeavors. The Bharti Group has major interests in telecom (Airtel), financial services, agri-business, real estate and retail among other business segments.