Spread across 11.76 acres the project is scheduled to be completed in 2023-24
The second joint venture between Hines and DLF has secured a construction loan of Rs 2,600 crore from HDFC.
Hines, an international real estate firm, and DLF formed the joint venture in March last year to develop an office project in Phase-V, Udyog Vihar, NH-48, Gurugram.
Spread across 11.76 acres of commercial land parcel purchased through an auction process conducted by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), the project will be developed in two phases - 2.55 mm sq. ft will be developed in phase I, while the rest will be developed in phase II.
The construction will commence soon, and buildings will go live starting 2023, the company said.
“This is a significant development and will augur well for the real estate industry and corporate tenants in India. Having worked as a financial partner with Hines and DLF for One Horizon Center, we are delighted to grow our partnership to set new standards for commercial buildings in India,” said Renu Sud Karnad, managing director, HDFC.
Ashok Tyagi, group CFO, DLF, said, “Implementing international best practices in the Indian conditions has been the hallmark of our partnership with Hines. After a successful collaboration in the past, we are now looking forward to take the relationship forward with the new development.”
“We have been working together with DLF for the past ten years to create landmark developments. We are now taking this partnership to the next level by joining hands to develop future-proof office project incorporating Hines’ latest knowledge from around the world, including intensive involvement of our Conceptual Construction Group and Office of Innovations. This project will be the address of choice in future,” said Amit Diwan, managing director and country head for Hines India.
The project is being designed by award-wining design architect Pelli Clarke Pelli, whom Hines has roped in for the first time in Delhi-NCR for this project.
Hines is a global real estate investment firm with a presence in 205 cities across 24 countries. It entered India in 2006 and has so far invested $400 million equity for development of six projects, of which two are already completed.