NEW DELHI: The Munjal family, known for the two-wheeler business, is planning for real estate business. After announcing a tie up with the world’s largest commercial vehicle maker Daimler, the company has lined up major plans in the real estate sector that comprise developing residential townships, industrial parks, hotels, resorts and leisure centers all over the country.
According to the group head Brij Mohan Munjal his revenues exceeding $3 billion. “We are working on several projects around the country in the real estate area and plan to enlarge in a big way,” Sunil Kant Munjal, son of Brij Mohan, told TOI.
According to one member of group the initial investments in the real estate venture will come from the Munjal family. It has been observed that potential investors, bankers and private equity players are very much interested in the plan.
A new project of the real estate diversification is coming up around Hero Honda’s new Haridwar factory. Arrow Infrastructure, a new company, will develop township and industrial park around the plant, and this is one of the many projects that are in the pipeline.
Apart from the project at Haridwar, the group is developing an IT park at Gurgaon while looking at resorts development in Himachal Pradesh and residential townships in Punjab.
Elaborating on township plans, one member of the group said the company would provide housing options across price points. “Our idea is to provide mid-level to high-end housing and price points on the lower side could be even less than Rs 20 lakh.”