Hero Realty, through its subsidiary Vikas Parks Pvt. Ltd., has successfully acquired a prime land parcel measuring 8.71 acres in Sector 99, Mohali, via an auction conducted by the Greater Mohali Area Development Authority (GMADA) for Rs 262.75 crore, as reported by two individuals familiar with the matter.
The company plans to develop a residential project. “Mohali has consistently been a strategically significant market for us. We are actively seeking new partnerships that can enhance our presence in northern Indian cities,” stated Rohit Kishore, CEO of Hero Realty. With its Hero Homes initiative in Sector 88, Hero Realty has already made its mark in Mohali.
The project, which has been sold in three phases, has seen the delivery of 544 units across seven towers in Phase 1, and the company has commenced the handover of units in Phase 2, which comprises an additional 650 units. Phase 3, which was launched just last week, represents the final phase of this notable 18.5-acre development.
The new project in Sector 99 will build upon this success, further solidifying the brand’s position in the Tricity market. In addition to its efforts in Mohali, Hero Realty is also expanding its footprint across North India. In Ludhiana, the company is introducing new phases to its existing portfolio.
Concurrently, in the NCR, it has launched The Palatial on the Dwarka Expressway in the last quarter, following the success of its previous projects in Gurugram and Sonipat. HRPL is currently engaged in the development of over 5.2 million square feet of residential projects across the NCR and Punjab. Furthermore, the company has successfully delivered over 230 acres of industrial parks in Haridwar and has developed 6 million square feet of assets nationwide.
