Bharti enters residential space with Rs 2,500-crore project

NEW DELHI: Bharti Realty, a group company of Sunil Mittal-promoted Bharti Enterprises, has signed an agreement with a Delhi-based builder to jointly develop high-end smart homes in the Surajkund area of Faridabad, said two people aware of the development.

The over 50 acre project will allocate 5.2 million sq ft space for building smart homes with the help of the group’s expertise in technology and telecommunications. This will be Bharti Realty's first residential project.

"The company will invest close to Rs 2,500 crore in the project," one of the persons quoted earlier said. The Surajkund project, which Bharti Realty intends to launch in the next nine months, will have energy efficient homes in which gadgets, security and amenities will be connected through use of technology.

A spokesman for Bharti refused to comment on the development. The identity of the land-owning company that is partnering Bharti Realty could not be ascertained either. Bharti Realty is currently managing 2 million sq ft of office space across the country.

It is building a 1.5 million sq ft retail and office project, ‘Worldmark’, in Delhi’s airport district Aerocity. Bharti Realty’s residential project will come up under the leadership of SK Sayal, who was appointed chief executive in 2014 and tasked with exploring new business opportunities through the joint development route.