The general picture is quite perplexing. While on one hand news of gradual refurbishments in the realty sector worldwide is coming to the fore increasingly, on the other hand skepticisms of these innovations, thanks to an assortment of studies, are getting prominent. What is more, amidst these contradictory scenarios, several notable business groups are being found to invest in the real estate sector, for the first time. In the Indian context, Munjal family-controlled Hero group, better known for its motorcycles, deserves special mentions. The business group is entering the real estate business and has invested Rs. 200 crore by now.
“Hero”, the brand name standing for the steely aspiration of the Munjal brothers, came into being in the year 1956. From a humble manufacturer of bicycle components in the early 1940’s to the world’s largest bicycle manufacturer today, the odyssey was fueled by one vision - to build long-lasting relationships with everyone, including workers, dealers and vendors. This philosophy has paid rich dividends through the years. Now the group is desirous to grab hold of the realty sector too. It has been learnt that the Ludhiana-based group is contriving to initiate over the next two weeks an integrated township in the pilgrim town of Haridwar.
What is more, as indicated by company officials, the group plans more residential which are likely to be announced over the next couple of years.
Speaking on this to Hindustan Times, Sunil Kant Munjal, Chairman, Hero Corporate Services Ltd., said in very clear terms, “The integrated township at Haridwar will be developed over an area of 50 acres and will have close to 2,000 residential units.” “The company has invested close to a couple of hundred crore rupees for its real estate foray,” he said.
Apart from this, Hero Corporate Services also has interests in IT-enabled services and corporate training. “The plan is to first consolidate our position in Uttarakhand before venturing out to other parts of the country,” Munjal said.
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