Bharti Realty, the real estate arm of Bharti Enterprises, is planning to develop a large district near Delhi's airport comprising 17 million sq ft of commercial area to tap a surge in demand for premium office and retail spaces, a top company official said. Bharti Realty has developed over 5 million square feet of Grade-A commercial real estate with a diversified product mix of commercial, retail and lifestyle.
In Delhi's Aerocity, the company has developed a commercial project 'Worldmark' with a total leasable area of around 1.3 million sq ft. It also monetised this property by selling 51 per cent stake to global investment firm Brookfield.
The company has started construction of 6.5 million sq ft of commercial space, of which 3.5 million sq ft would be Grade-A office space and 3 million sq ft retail area. The construction works have been awarded to many companies.
The pre-leasing of commercial spaces would start later this year after achieving significant construction milestone. The company expects to have a healthy upside in rental yield, with average office rentals in the operational part of Worldmark project already exceeding Rs 225 per sq ft.
Bharti Realty has bagged this project from Delhi International Airport Ltd, a subsidiary of GMR Infrastructure. The company has been developing real estate projects mainly in Delhi-NCR and Punjab. In April 2022, Brookfield had agreed to buy 51 per cent stake in Bharti Enterprises' four commercial properties, including Worldmark at Aerocity in the national capital, at an enterprise value of Rs 5,000 crore.
The deal between Bharti Enterprises and Brookfield Asset Management was closed in May last year. The joint venture agreement was for a 3.3 million sq ft portfolio of commercial properties primarily in the Delhi-NCR region.
The four properties include Worldmark Aerocity (Delhi), Worldmark 65 and Airtel Center (Gurgaon) and Pavillion Mall (Ludhiana). Bharti Enterprises retained the ownership of future development in this Worldmark project. Bharti Group has presence in telecom, real estate, insurance, hospitality and food businesses.
