Hero Realty, an Indian real estate arm of insurance to real estate company Hero Enterprise, plans to infuse about 900 crore rupees ($128.3 million) to develop a premium housing project in Gurugram over the next four years.
Hero Realty aims to build a 9-acre housing project in Sector 104 on Dwarka Expressway named Hero Homes as it forays into the Delhi-National Capital Region property market.
The company said that the investment would be funded through internal accruals and advances from customers against sales and would take construction finance from banks if needed.
Hero Realty will develop about 1,000 flats in this project, of which 300 units have been launched in the first phase, selling flats at a starting price of $96,980. Construction work would commence soon and the project would be completed in four years.