Hines India to venture into three projects with local builders

Real estate firm Hines Interests Limited Partnership is planning to expand its business in India by forming at least three local partnerships for projects in major cities. Amit Diwan, Managing Director and Country Head of Hines India Real Estate Private Limited told the media that the company is in discussions with a few local builders and landowners to acquire new projects via development management (DM) fee model or joint ventures. Hines has sold its stakes in both of these projects. Hines is currently working on three different housing projects. It has teamed up with Tata Housing to build 750 apartments in Mumbai's Serein housing project. In Bengaluru, another 1,050 apartments are being built as part of the Parkwest housing project, which is being developed in collaboration with Shapoorji and Pallonji Real Estate. In addition, Hines is collaborating with Conscient Infrastructure to build the Rs 1,500 crore Elevate luxury housing project in Gurugram, Haryana. Diwan said the company is also currently working on four office parks totalling approximately 10 million sq ft. In March 2020, the company purchased a 33% stake in the upcoming commercial project of DLF, Atrium Place in Gurugram, in a deal worth around Rs 650 crore. DLF and Hines will collaborate to build a high-end commercial project on an 11.76-acre land parcel in Gurugram that the Haryana government purchased for nearly Rs 1,500 crore in February 2018 through an e-auction. Hines teamed up with the DNR group last year to build a 0.7 million sq ft office complex in the IT city. Another 4 million sq ft of office space is being developed in Bengaluru. In June, Hines announced a joint venture with Goel Ganga Corporation to build a 2.4 million sq ft premium office complex in Pune for Rs 1,200 crore. This project was signed on a development management fee basis by Hines. Hines began its Indian real estate venture in Gurugram, then expanded to Mumbai, Bangalore, and Pune in 2017, 2019 and 2021, respectively. Image SourceAlso read: Godrej Properties gets Rs 575 cr from home sales in Noida project