Hines and Conscient together put in Rs 500 crore equity fund into the JV for the development of housing project ”Elevate”
US-based realty firm Hines and its joint venture partner Conscient Infrastructure will invest around Rs 700 crore to develop the second phase of its housing project in Gurugram.
In June 2019, Hines had announced JV (joint venture) with Conscient to develop a luxury housing project in Gurugram.
Hines and Conscient together put in Rs 500 crore equity fund into the JV for the development of housing project ”Elevate”. The land is owned by a local developer, IREO.
The JV will develop 248 apartments in the second phase of this project ”Elevate”.
“Phase II of Elevate, a joint residential development by Hines and Conscient Infrastructure Pvt Ltd. The total cost involved in this project is Rs 1,500 crore out of which 55 per cent has been spent on Phase I (approx. Rs 800 crore) and about 45 per cent is dedicated to Phase II, that is approx. Rs 700 crore,” the company said in a statement.
The first phase of the project, which was launched in June 2019, has been a success clocking a sale of over Rs 900 crore, it added.
Conscient Infrastructure is the developer for the project while Hines is the investment manager and advisor.
Amit Diwan, Managing Director and India Country Head, Hines, said, “The enthusiastic response to phase I of Elevate reiterates our belief that customers in India are seeking international standard residential projects.”
The project is conveniently located on Golf Course Extension Road, in Sector 59, and is being constructed by TATA Projects.
In India, Hines completed two prime office complex projects in Gurugram — ”One Horizon Centre”” in a joint venture with realty major DLF and ””Skyview Corporate Park”” in partnership with Shyam Telecom. The US-based firm has exited both these projects by selling its stakes.
At present, Hines has three housing projects under construction. It has partnered with Tata Housing to develop 750 flats in the ””Serein”” housing project in Mumbai.
Another 1,050 apartments are under construction in the ””Parkwest”” housing project in Bengaluru, which is being developed in partnership with Shapoorji and Pallonji Real Estate.
Hines has formed a JV with Conscient Infrastructure to develop a luxury housing project in Gurugram. These three housing projects would be completed by 2023-24.
In March last year, Hines acquired a 33 per cent stake in DLF’s upcoming commercial project ”Atrium Place” in Gurugram in a deal size estimated at around Rs 650 crore.
DLF and Hines would jointly develop a prime commercial project on 11.76 acre land parcel in Gurugram that was bought for nearly Rs 1,500 crore through e-auction conducted by the Haryana government in February 2018.
Last year, Hines also partnered Bengaluru-based DNR group to develop an office complex in the IT city with 0.7 million sq ft of built-up area.
Hines is a privately owned global real estate investment, development, and management firm, founded in 1957, with a presence in 240 cities in 27 countries. It oversees a portfolio of assets under management valued at about USD 160.9 billion.
Hines has developed, redeveloped, or acquired about 1,450 properties, totaling over 485 million sq ft. The firm has more than 180 developments currently underway around the world.
Source: PTI
(The story has been published from a wire feed without modifications to the text. Only the heading has been changed)
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