Hero Realty Acquires 8.71 Acres in Mohali for Rs. 262.75 Crore

Hero Realty, through its subsidiary Vikas Parks Pvt. Ltd., has secured an 8.71-acre land parcel in Sector 99, Mohali, for Rs. 262.75 crore via an auction conducted by the Greater Mohali Area Development Authority (GMADA). This acquisition marks a significant step in the company's expansion strategy in the Tricity region.

The new development will build upon the success of Hero Realty's ongoing Hero Homes project in Sector 88, Mohali. The Sector 88 project, spanning 18.5 acres, has been rolled out in three phases. Phase 1 has already delivered 544 units across seven towers, while Phase 2 is in the process of handing over 650 units. Phase 3, launched recently, is the final phase of the development. The upcoming Sector 99 project is expected to further solidify Hero Realty's presence in the region, catering to the growing demand for quality housing.

Rohit Kishore, CEO of Hero Realty, emphasized the strategic importance of Mohali in the company's expansion plans. He stated, "Mohali has always been a strategically important market for us. We continue to explore new collaborations that can help us further strengthen our presence across northern Indian cities."

Beyond Mohali, Hero Realty is also expanding its footprint in other northern Indian cities. In Ludhiana, the company is adding new phases to its existing projects, and in the National Capital Region (NCR), it is exploring new development opportunities.

The acquisition aligns with a broader trend in the Indian real estate sector, where developers are investing in land to meet the rising demand for residential properties. A recent study by JLL India highlighted that developers secured 2,335 acres of land across 23 cities through 134 transactions in the past year, with a projected development potential of 194 million square feet.

This surge in land acquisitions reflects growing confidence in the real estate sector, supported by infrastructure advancements, policy reforms, and a steady economic outlook. As Hero Realty continues to expand its portfolio, the Sector 99 project is poised to contribute significantly to the company's growth and the development of the Tricity region.