Bharti Realty to operate two million sq ft under asset management model

Bharti Realty Ltd, a subsidiary of Bharti Enterprises, is looking to manage 2 million sq ft of office space in the national capital region (NCR) under the asset management model, CEO SK Sayal told ET.

Under the Real Estate Asset Management (REAM) model, the company is evaluating 2-3 projects in the micro markets of Noida and Gurgaon.

The company will work on a fee model with the land owners and help them from conceptualisation to maintenance of the asset, said officials.

“In the current time, no developer wants to develop on his own; they want some credible name to come in. We step into the owner’s shoes and money will be invested by the owner. We will facilitate funds for construction but it will be on his own book,” Sayal said.

Bharti Realty currently manages more than 5 million sq. ft. of Grade-A commercial real estate space and is developing another 9 million sq. ft. residential, retail and mixed-use properties in Delhi NCR.

“This is the future of real estate. You own land and you have got approvals and you are putting your money, we will give our expertise and brand,” Sayal said.

Bharti Realty is currently executing one such project in sector 27, Gurgaon, where it is developing 6 lakh sq ft, which will be ready by May, 2023.

“From our side, there will be no investment. A lot of PE funds have invested in real estate and are stuck. For such funds to exit, this model will work,” he added.

The company had done a residential project on a similar model about a decade ago.

“We have been approached by land owners of the area but we do not want to get into it with anybody and everybody. We will go for marquee players,” said Sayal.

Bharti Realty has developed Bharti Crescent, New Delhi, Airtel Centre, Gurugram and Worldmark, New Delhi.