Hero Realty to launch real estate projects spanning 4 million sq ft this financial year
Hero Realty Pvt Ltd plans to launch real estate projects spanning around 4 million square feet in this financial year, with an estimated revenue potential of Rs 3,500 crore, said its CEO Dharmesh Shah. The company, backed by Sunil Kant Munjal's Hero Enterprise, is also considering an initial public offering (IPO) in the next three-four years, Shah told ET. With a focus on residential development, Hero Realty aims to invest Rs 1,000-1,200 crore in this fiscal, he said.
“We want to touch the sales figure of close to Rs 5,000-6,000 crore in the next two years. Post that we plan to list the company on bourses," Shah said. After successfully launching real estate projects spanning around 450,000 sq feet in Mohali in 2022-23, Hero Realty is set to continue aggressive expansion this year.
The company recently ventured into a joint venture project on Dwarka Expressway, with a development potential of 2.2-2.3 million sq feet and an anticipated turnover of Rs 2,000 crore. It has introduced a new business vertical, Hero Earth, which will specialise in plotted developments across Delhi-National Capital Region (NCR). The first project under this vertical is located in Gurgaon's Sector 85.
“The plotted development is part of the DDJAY (Deen Dayal Jan Awas Yojana) scheme of Haryana government. Hero Earth will be a separate business vertical focusing on plotted developments across Delhi-NCR as and when we get a good opportunity. This project in Gurgaon Sec-85 will be our first in residential plots in Gurgaon," said Shah.
The company’s plotted development in Haridwar, on about 90 acres of land, is nearly sold out. The company is also trying to sell the plots through metaverse. “We have built a platform which will be launched soon and
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