Bharti Realty which is owned by Bharti Enterprises, is planning to invest approximately Rs. 3, 500 crore for coming up with a housing project and commercial project in Delhi-NCR. Bharti Realty is witnessing a major change in market demand towards real estate developers who are more organized after new regulations like GST and RERA have been introduced.
Bharti Realty has already completed 15 projects and has around 5 million sq. ft. of Grade-A commercial space which has been fully leased in Delhi-NCR and a few other cities. Around 1 million sq. ft. in an office building is close to being completed in Gurgaon. As per reports, Bharti Realty has already won a project from the DIAL (Delhi International Airport Limited) for developing a commercial project which will offer leasable area of around 2.5 million sq. ft. and this will be majorly retail space.
Bharti Realty will also commence developing this land parcel of 23 acres and is targeting completion within 4 years. This retail project will be one of the largest in Delhi-NCR and will be developed by investing approximately Rs. 1, 500 crore. DIAL has already awarded the contract covering almost 2 lakh sq. metres of retail space to Bharti Realty.
Rs. 315 crore was needed as a payment upfront for the contract and the license fee equated to 20% of revenues with minimum payments that were guaranteed. DIAL is a subsidiary organization of GMR Infrastructure. Bharti Realty already possesses 2-3 properties in the Aerocity commercial hub which is located in close proximity to the Delhi Airport. The company has also entered into a tie-up with the Eros Group for foraying into the housing market. There will be a project that will be developed at Surajkund in Haryana and will spread over 52 acres of land.
All necessary government approvals have already been obtained and construction will start soon as per reports. The project encompasses 5 million sq. ft. and 2, 300 units and should be finished over the next 7 years. The total project cost could be approximately Rs. 2, 000 crore. The vertical smart city project at Surajkund will have apartments priced between Rs. 1.25-4 crore.
Rs. 3, 500 crore will be the total investment amount needed for these two projects and will be raised from bank loans and internal accruals. The Bharti Group has considerable interests in sectors like financial services, telecom, retail, agri-business and real estate among other categories.
