US firm Hines hunts for JV partners in residential sector

For its first residential development project in India, US-based real estate development and management firm, Hines is scouting for joint venture partners. It plans to tap the Indian residential segment. Five years ago, Hines had entered India through a joint venture development commercial project with real estate major DLF in Gurgaon.

This was followed by another project, with Shyam Telecom. To invest in real estate projects, the company had, in 2007, set up a fund of about Rs 1,650 crore in India. So far, it has spent about Rs 1,000 crore. Along with DLF, Hines is developing a 3.5-acre site on Golf Course Road in Gurgaon.

Through its Indian arm, Hines India Real Estate, the company also plans to rope in an international brand for 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 offices in that complex. Gupta said for residential projects, the company was considering the Delhi-National Capital Region, as well as Mumbai. The company would scout for at least 20 acres for the residential project, though a final decision on the matter would depend on locality and opportunity.

In the residential segment, Hines would target mid-market and upper mid-market projects. The company’s two ongoing mixed-use development projects in Gurgaon would bring revenue of Rs 5,000 crore. Both the projects are expected to be completed this year, Gupta said.