Focused on north, eyeing govt sale of key properties: Bharti Real Estate's Sayal
Subscribe to enjoy similar stories. Mumbai/New Delhi: Bharti Real Estate will not join the bandwagon of companies launching projects beyond their home markets despite its peers doing so, as it continues to focus on building a $2 billion business district near Delhi airport, S.K. Sayal, CEO and MD of the real estate arm of the Bharti Group, told Mint.
“We as a group are focused on the North of India and we will continue to be invested in the region, especially Delhi NCR in the near- to medium-term," Sayal said. The company is also closely watching the government’s divestment plans of marquee properties at prime locations, which may include the sale of The Ashok Hotel in New Delhi. The company has chosen to prioritize its local market when most real estate companies are pivoting to a pan-India approach.
Competitors such as the Prestige Group, Delhi Land & Finance (DLF Ltd), and Godrej Properties, among others, have been on an expansion spree in new regions. Prestige Estates, the group’s real estate arm, has new projects spread across Hyderabad, Delhi-NCR, Goa, Bengaluru, Mumbai, Chennai and Kochi, according to news reports. Listed-real estate developer Godrej Properties is also planning to tap Tier II cities in southern India.
The company has a strong presence in Bengaluru, Chennai and had entered Hyderabad earlier this year. DLF is also foraying into new markets such as Mumbai and Goa, its chairman Rajiv Singh said in their FY23-24 annual report. “We continue to invest in the capex of our new build outs in Gurugram, Chennai, Delhi and Goa," Singh said.
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