Bharti Realty, under the leadership of CEO SK Sayal, has announced an extensive investment exceeding Rs 6,595 crore ($794 million) to establish a prominent global business hub adjacent to the bustling Delhi airport. This initiative constitutes a pivotal phase of the Aerocity development project, with a vision to create an expansive 6.5 million square feet of combined office and retail space.
The strategic decision follows Bharti Realty’s successful completion of the initial phase, marked by the construction of Worldmark 1, 2, and 3, encompassing a significant 1.5 million square feet. These properties have since transitioned to the ownership of Rostrum Realty, a collaborative venture between Bharti Enterprises and Brookfield Asset Management.
SK Sayal, CEO of Bharti Realty, shared his forward-looking perspective on the venture, stating, “We have embarked on one of the most ambitious development projects in Delhi. Upon completion, it is poised to emerge as a distinguished contender among global business districts. Our aim is to attract multinational corporations and international brands seeking a strategic foothold in India.”
It is noteworthy that Canadian firm Brookfield assumed a controlling 51% stake in Rostrum Realty Pvt Ltd earlier in May this year, valuing the enterprise at an impressive Rs 5,000 crore.
Addressing the rationale behind the location choice, Sayal explained, “Given historical limitations on private development within Delhi, developers expanded their focus to Gurgaon and Noida. However, with the privatization of the Delhi airport, an expansive area in close proximity became available for transformation. The Bharti group is dedicated to establishing a global business district, positioning India prominently on the global map of office and retail destinations.”
The forthcoming expansion will augment the Worldmark portfolio, introducing Worldmark 4, 5, 6, and 7, collectively offering around 3.5 million square feet of leasable space. Each tower will encompass both office and retail components, complemented by an independent mall and parking facilities accommodating over 10,000 vehicles. Anticipated possession of these assets is slated to initiate in 2025.
Sayal further elaborated, “The comprehensive infrastructure network supporting this global business district encompasses three metro lines, four advanced airport terminals, an Automated People Mover, and the Rapid Rail Transit System (RRTS). This integrated infrastructure is poised to invigorate trade and tourism.”
While subsequent development phases for Aerocity are in the pipeline, Bharti Realty remains resolutely focused on the ongoing phase, set to become one of Delhi’s most transformative real estate endeavors.