Hines India Real Estate, a US-based real estate development and management firm, plans to tap the Indian residential segment in the next one year. The firm is searching for joint venture partners to start its first residential development. This will come about five years after Hines entered India with a JV development commercial project with real estate major DLF in Gurgaon, followed by another project with Shyam Telecom.
Hines, through its Indian arm Hines India Real Estate Pvt Ltd, is also looking to rope in an international brand to set up a four star hotel in its 21-acre mixed use development project in Gurgaon with Shyam – SkyView Corporate Park, Hines India Managing Director and Country Head Yash Gupta said. The hotel with a capacity of about 300 rooms would primarily be used by people working in the office in that complex.
In 2007, the company had set up a fund of about Rs 1,650 crore in India to invest in real estate projects and till now, has spent about Rs 1,000 crore. For residential projects, Gupta said the company is looking at Delhi-NCR region and Mumbai markets.