According to three people with knowledge of the situation, DLF, the biggest real estate developer in the nation, is in talks with Bharti Reality to purchase the Delhi Aerocity under-construction phases, which have a total development potential of 17 million square feet.
Upon completion, the project is anticipated to yield an annual rental income of INR 5,000 crore, with about 5 million Sqft dedicated to retail space within the property.
Although Bharti was also responsible for the first phase of Aerocity, later on, Canada's Brookfield Asset Management acquired a 51% controlling position in Rostrum Realty, a joint venture business focused on real estate, with Bharti Enterprises led by Sunil Mittal owning the other 49%. "GMR holds the lease for the entire territory until 2066. DLF entered the initial bid invitation, but Bharti won. In order to bolster its rental portfolio even more, it has started the acquisition process anew, according to a person with knowledge of the situation.
According to sources, the business will probably incorporate a special purpose vehicle (SPV) into the sale structure. Given that it now manages about 40 million square feet of real estate nationwide, DLF Cyber City Developers (DCCDL), the company's leasing division, is probably going to look after the asset.
When ET asked for comment on the story, a DLF representative responded, "We do not comment on market speculation." An email inquiry was not answered by Bharti Realty. With an investment of over ₹6,595 crore (roughly $794 million), Bharti Realty has already begun developing 6.5 million square feet of space in order to transform the project into a major international commercial hub.
Its retail space, which includes one of the largest malls in the area, will occupy almost 3 million square feet. A balance of around 10 million square feet will be constructed in the ensuing phases, of which approximately 2 million will be created for retail purposes. Around 1.5 million square feet were successfully constructed by Bharti Realty as part of the first phase. Rostrum Realty, a joint venture between Brookfield and Bharti Enterprises, is now the owner of these buildings.
There will be space for more than 10,000 parking spots, and each office tower will have a retail component in addition to a separate mall. As of the end of 2024, the company intends to start offering possession. Worldmark -4, Worldmark -5, Worldmark -6, Worldmark, and Worldmark-7 are new assets that will be added to the Worldmark portfolio as a result of this development.
When combined, these developments will create a commercial precinct with about 3.5 million leasable square feet of space. The new precinct will be almost three times the size of the current Worldmark facilities. The new Worldmark properties are situated within an integrated development that spans about 60 acres.