Hero Realty has successfully sold all 77 plots in its recently launched project in Gurugram, generating a revenue of approximately ₹180 crore. The developer confirmed that every plot was sold on the project’s launch day, which took place on June 29, 2023. The selling prices for these plots began at ₹1.99 crore and varied depending on the specific plot.
Hero Realty Private Limited is the real estate arm of Hero Enterprise, a reputed Indian business group which is known for manufacturing two-wheelers (motorcycles) and cycles.
The project, known as ‘The Ark,’ is situated in Sector 85, Gurugram, spanning across a vast area of 5 acres, according to a statement released by the company. Starting from a price of ₹1.99 crore, the selling price of the plots varies depending on the specific plot.
It is pertinent to note that developers launch their projects after accepting expressions of interest from prospective buyers. This sale strategy has become a common practice in the Delhi-NCR market. By soft marketing their properties even before formal opening of the sale, developers are able to claim an achievement and use the Day 1 sale figures as a landmark.
Dharmesh Shah, CEO of Hero Realty Pvt Ltd, expressed his delight at venturing into the plotted development market in the Delhi-NCR region. He emphasized the company’s commitment to meeting the evolving demands of their customers and stated that through the integration of technology and leveraging their brand value, the plotted segment of the real estate market in the NCR region will witness the implementation of best practices.
Hero Realty had acquired a 5-acre plot of land in Gurugram for ₹90 crore back in February, specifically for the development of this plotted residential project. The estimated total cost of developing the project is around ₹115 crore, and it is projected to be completed by the end of the following year.
In order to undertake plotted development projects in major cities across North India, the company has established a separate vertical called ‘Hero Earth.’
Hero Realty Pvt. Ltd. (HRPL) has already delivered over 4.23 million square feet of constructed area through various residential projects. Furthermore, the company is currently constructing an additional 2.84 million square feet of space in prime locations within the Delhi-National Capital Region and Punjab. Notably, the company also possesses 230 acres of industrial parks in Haridwar.
In December 2018, Hero Realty entred the Delhi-NCR property market with a premium housing development project named ‘Hero Homes – World of Wellness’ in Gurugram. This particular project spans across 9 acres in Sector 104 along Dwarka Expressway and encompasses approximately 1,000 apartments.