Bharti Realty intends to invest over Rs 6,595 billion in Global Business Hub
In May this year, Canada’s Brookfield acquired a 51% controlling stake in Rostrum Realty Pvt Ltd, a real estate joint venture company in which Sunil Mittal-led Bharti Enterprises holds the remaining 49%. The enterprise value for the transaction was Rs 5,000 crore. Sayal said in Delhi, most of the development is planned by the Delhi Development Authority (DDA), however, private infrastructure needs a push too.“Because of the lack of private development in Delhi, the developers moved to Gurgaon and Noida. However, with the privatization of Delhi Airport, a huge area near the airport opened for development. Bharti group is also keen in creating a global business district, and this is one project which will put India among the top office and retail destinations,” said Sayal, who has authored ‘Inside Unreal Estate,’ a tell-all book about the Indian real estate sector.
Each office tower will include a retail component in addition to a separate mall, and there will be room for more than 10,000 parking spaces. The company plans to commence providing possession starting 2025. The new expansion will bring the Worldmark portfolio to include fresh assets named Worldmark -4, Worldmark -5, Worldmark -6, Worldmark, and Worldmark-7. Collectively, these additions will form a commercial precinct offering around 3.5 million square feet of leasable area. This new precinct will be nearly three times larger than the existing Worldmark assets. The new Worldmark assets are part of approximately 60 acres of integrated development. “The supporting infrastructure for this global business district in the making is the transport system including three metro lines, four airport terminals constituting one of the busiest airports in the world connected by APM (Automated People Mover), RRTS bringing the national capital much closer to the ancillary towns than ever before, the national highway supported by expressways and freight corridors bringing trade and tourism to the helm,” Sayal said. While there are more phases of Aerocity's development in the pipeline, Bharti's present focus remains on the ongoing phase, which will be one of the most significant real estate developments in Delhi.