Asthetic Township Developers Pvt Ltd owns nearly 3 acres of licensed land parcel in Sector 27, Gurugram (Haryana), while Bharti Realty will develop the commercial project under the real estate asset management model.
Bharti Land Ltd, the development and management arm of Bharti Realty, has partnered with Asthetic Township Developers for a new mixed-use commercial project, comprising 6 lakh sq ft area of office and retail spaces.
"We at Bharti Realty are excited about our association with Asthetic Township Developers Pvt Ltd on this new project in Sector 27 which will set a new benchmark in the commercial development segment in Gurugram," Bharti Realty MD & CEO S K Sayal said.
The project is located centrally between IFFCO Chowk and Huda metro stations, amid the residential hub and current business districts of Gurugram.
The construction of this project is expected to start within the next two months.
Bharti Realty did not disclose the project cost but sources said the investment on developing this project could be around Rs 350 crore, excluding land cost.
Vijay Kumar Yadav, managing director, Asthetic Township Developers, said, "Bharti is one of the most trustworthy brands in the country and, together, we are sure to bring in immense value and a world-class product for today''s global consumer."
With residential property market facing multi-year slowdown, real estate developers are focusing on development of commercial real estate, particularly Grade-A premium office space which is in huge demand from corporates as well as co-working operators. The introduction of real estate investments trusts (REITs) has also given a fillip to the commercial property market, which is attracting huge investments from global and domestic institutional funds.
According to reports of various global property consultants, office space leasing across major cities stood at an all-time high in 2019.
Incorporated in 2003, Bharti Realty Ltd is a 100 per cent subsidiary of Bharti Enterprises. It aims to provide world-class developments in marquee locations. The company''s offerings include a diversified product mix comprising commercial, retail and mixed-use developments.
Bharti Realty has a portfolio of over 5 million sq ft of Grade-A commercial real estate space. Some of the developments include Bharti Crescent, New Delhi; Airtel Centre, Gurugram; and Worldmark, New Delhi. It already has 2-3 properties in Delhi''s Aerocity, named ''Worldmark Aerocity'', comprising fully-leased 1.5 million sq ft area.
The company is currently developing another 9 million sq ft residential, retail and mixed-use real estate space in Delhi NCR.
Bharti Realty-led consortium has bagged a commercial project from Delhi airport operator Delhi International Airport Ltd (DIAL).
DIAL, majority-owned by GMR group, operates the Indira Gandhi International Airport in the national capital.
Bharti Realty has been awarded the "right to design, develop, finance, construct, operate, manage and maintain a commercial development project at Gateway and Downtown Districts of Aerocity", DIAL had said last year.
The Bharti Group has presence in telecom, agri-business, financial services, retail and real estate among others. PTI MJH HRS
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI