After successfully delivering residential projects in Haridwar, North India residential player Hero Realty is all set to foray into Delhi NCR real estate market. The real estate business arm of Hero Enterprises is ready to invest about Rs 900 crore over the next four years to develop a premium housing project in Gurugram.
Apart from completing projects in Haridwar, Hero Realty is currently developing another 4 million square feet projects in Mohali and Ludhiana. The company builds and markets projects under the brand Hero Homes.
The upcoming project in Gurugram will be spread across 9 acres. It will be located Sector 104 on Dwarka Expressway and is named ‘Hero Homes – World of Wellness.’
“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 ET Realty.
Routhu further added that they have achieved the best carpet area efficiency and effective space utilization in this project without compromising on the green area, which is 85 percent.
Under the Dwarka Expressway project, the company would develop about 1,000 flats in this project, of which 300 units have been launched in the first phase. The flats will be priced at a starting price of Rs. 68 lakh per unit. The apartment size varies from 1,100 sq ft to nearly 1,700 sq ft.
The investment of 900 crore will be funded through internal accruals and advances from customers against sales, as declared by the company official. The company would reportedly take the construction finance from banks if needed.
The construction work on the said project will commence soon. It would be completed in four years.