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- Hero Group to foray into real estate Gurgaon
High valuations of prime land and a robust outlook for housing and office space is spawning new wannabes in the country’s burgeoning realty sector. The latest to enter the fray is the Hero Group, a leading maker of two-wheelers and auto parts in the country.
“We have about 10 acre land at Gurgaon, Haryana, and we are exploring possibilities of developing it into a commercial property,” Naveen Munjal, chief executive officer of Hero Exports, the trading arm of the group.
The group is in talks with leading real estate companies in Delhi to develop the property, Munjal said. Details of Hero Group’s realty plan are yet to be worked out, he said.
Over the last one decade, domestic and foreign companies have flocked to Gurgaon to set up their offices – driving real estate valuations in the satellite city of the National Capital as high as its landscape.