Total Pageviews

Sunday, September 25, 2011

Sunil Mittal’s next goal: To be a top-3 realtor

This story first appeared in DNA Money edition on Thursday, September 22, 2011.

Sunil Bharti Mittal, the poster boy of Indian telecom, is gearing up for a big splash in real estate.

The goal is to be one of the top three realty companies in India, and Mittal has set up Bharti Realty Ltd as the beachhead to achieve it.

Officials at Bharti Enterprises, the group mothership, were not available to share details.

Bharti Realty has started work on four projects including three mixed-use developments and a shopping mall in northern and eastern India. While residential developments are not a part of current activity, the management plans to enter the segment too.

Sources familiar with the development said Bharti Realty earlier focused on creating and leasing real estate for the Bharti group’s business operations in Delhi and the National Capital Region.

Among some of its existing developments include Bharti Crescent in New Delhi, which serves as Bharti Enterprises’ corporate office and Airtel Centre in Gurgaon.

The company’s 5 lakh sq ft mall project — called Pavilion — in the heart of Ludhiana is already underway.

The company has also acquired three assets to develop high-end commercial and retail space at the Delhi International Airport Ltd’s hospitality district / Aerocity near the new T3 terminal of the Indira Gandhi International Airport in the capital.

To be christened Worldmark, this integrated development is spread across approximately 1.5 million square foot and will be operational within two years from now.

The company has also acquired 6.7 acre on the Golf Course Extension Road in Gurgaon, where it will develop a shopping and office hub offering affordable and futuristic office spaces within an open and vibrant retail arena.

Christened Eldorado, this development will follow a mix of lease (for retail anchor tenants) and sale (for office and commercial space) model.

In Kolkata, the company is coming up with a 5 lakh square foot of mixed-use development in Rajarhat to be launched as Astra Towers.

Sources said Bharti Realty is currently identifying and negotiating for land parcels for similar developments across key Tier I and Tier II cities.

In Mumbai, the company is negotiating for a land parcel of around 20-25 acre, which is expected to be concluded in a couple of months.

No comments:

Post a Comment