NEW DELHI: Hero Realty will invest Rs 1,000 crore on developing a housing project in Mohali on 18.5 acres, which the Hero Group firm had won through auction.
The company, which bid the site for Rs 181 crore in the auction held by GMADA (The Greater Mohali Area Development Authority), plans to set up about 1,250 housing units under the project, Hero Realty, the real estate arm of Hero Corporate Service Ltd, said in a statement.
“Once the site is launched and is ready for construction, we plan to complete and deliver the entire complex to people at a total project cost outlay of about Rs 1,000 crore,” Hero Realty CEO Yogesh Verma said.
The land parcel is located in sector 88 of Mohali.
“This has been a great acquisition for us. Punjab remains a very important centre for us and a project like this in Mohali further strengthens our roots there,” Verma said.
The company is targeting the mid-segment residential housing sector, and plan to construct in excess of 1,250 apartments of different sizes and types, he added.
With revenues of over USD 5 billion and 30,000 plus employees, the Hero Group has been engaged in long term partnerships with multiple stakeholders.
The group’s flagship company Hero MotoCorp has been a global leader in the motorcycle business for a decade.
Hero group’s new businesses are managed by Hero Corporate Service Ltd, which is the holding company for diverse businesses in the areas of training, knowledge processing, insurance distribution, auto components and infrastructure development.
The businesses include Hero Mindmine Institute Limited (HMIL), HeroBPO (India), NsurePlus, Hero Realty and Hero Steels.-PTI
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