Hero Realty forms JV with Saheb Enterprise for a res project

Hero Realty Pvt Ltd has entered into a new joint venture (JV) agreement with Gurgaon-based Saheb Enterprise to embark on the development of a premium residential complex in sector 104, Gurgaon. Notably, this marks the second collaborative effort between Hero Realty and Saheb Enterprise, following their initial partnership established in April 2023. The first JV aimed to develop a sprawling project spanning approximately 2 million square feet, with the goal of generating revenue amounting to Rs 2,000 crore. Under this fresh joint venture, backed by Sunil Kant Munjal's Hero Enterprise, the two companies are set to develop an additional 800,000 square feet, with a target revenue of Rs 1,500 crore. The inclusion of this new land parcel bolsters the Hero Realty and Saheb Enterprise project's overall land area to a substantial 11 acres, positioning it as one of the most significant residential developments in Gurugram. Dharmesh Shah, CEO of Hero Realty Pvt Ltd, expressed his enthusiasm for this latest venture, emphasizing its strategic significance. He stated, This JV project will enable us to significantly expand our market share in Gurugram over the next several years and aligns with our strategy of deepening our presence in key real estate micro-markets. Furthermore, this project is expected to further fortify our ongoing sales growth in the current financial year. The collaboration between Hero Realty and Saheb Enterprise underscores their commitment to robust real estate development in the thriving Gurgaon market, as they continue to explore new avenues for growth and expansion in the region.