Hero Realty expands Mohali portfolio with ₹260 crore land deal for luxury project

Hero Realty Group has acquired an 8.71-acre land parcel in Sector 99, Mohali, through a competitive auction, with plans to develop a luxury residential project

Hero Realty Group has acquired a land parcel spanning 8.71 acres in Sector 99, Mohali, through a competitive auction conducted by Greater Mohali Area Development Authority (GMADA), the company said in a statement.

Hero Realty Group has acquired a land parcel spanning 8.71 acres in Sector 99, Mohali, through a competitive auction conducted by Greater Mohali Area Development Authority where it intends constructing a luxury project. (Photo for representational purposes only) (Pixabay)

It has bought the land parcel through its entity Vikas Parks Pvt. Ltd for ₹262.75 crore, the company said.

This area, complemented by retail infrastructure, is earmarked for the development of a marquee luxury residential project under the Hero Homes umbrella. The project is well connected to Chandigarh, top institutions in Mohali, and the upcoming expressway network.

HRPL is currently developing over 5.2 million square feet of residential projects across the NCR and Punjab. Additionally, the company has successfully delivered over 230 acres of industrial parks in Haridwar and has developed 6 million square feet of assets nationwide.

“Mohali has always been a strategically important market for us. This new land parcel will allow us to create yet another modern and vibrant community built on values of trust, innovation, and execution excellence, meeting evolving customer aspirations. In parallel, we continue to explore new collaborations that can help us further strengthen our presence across northern Indian cities,” said Rohit Kishore, CEO, Hero Realty.

With its Hero Homes project in Sector 88, Hero Realty has already established a strong footprint in Mohali. Sold across three phases, the company has already delivered 544 units across seven towers in Phase 1 and has also started handing over possessions of Phase 2, which has another 650 units. Phase 3, launched last week, marks the final phase of this landmark 18.5-acre development, the company said.

In Ludhiana, the company is adding new phases to its existing portfolio. At the same time, in the NCR, it has launched ‘The Palatial’ on the Dwarka Expressway in the last quarter, following its other projects in Gurugram and Sonipat.