India-based Hero Enterprise’s real estate unit Hero Realty has partnered with Saheb Enterprise to build a two-million-square-foot (msf) mixed-use development in Gurugram, Haryana, India, reported PTI via Moneycontrol.
According to the sources, this joint development agreement (JDA) between the two companies will see the construction of residential and commercial complexes, which are expected to generate a potential sales revenue of $24m.
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Saheb Enterprise already owns an eight-acre land parcel on the Dwarka Expressway in Sector 104, Gurugram, which will be used for this project.
The two entities have confirmed the deal, reported PTI.
Hero Realty considers this move a major step towards bolstering its footprint in important regions.
Hero Realty CEO Dharmesh Shah added: “The JV-JD model is going to drive our expansion primarily in and around the Delhi NCR region.”
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By GlobalDataSaheb Enterprise promoters Digvijay Singh (CFA) and Lavanya Singh said the venture is expected to offer the ‘best in’ real estate in the region.
The company had earlier signed JDAs with other builders for undertaking real estate projects.
In February, Hero Realty bought a five-acre land parcel in Gurugram for $10m to develop a residential project.
The firm has delivered several projects in India’s Ludhiana, Mohali and Haridwar cities.
It has so far finished 3.25msf of construction and is currently developing 2.76msf of space in Delhi-NCR and Punjab regions.
