NEW DELHI: Bullish on demand for premium housing and office spaces, US-based realty firm Hines plans to expand its India business and is targeting to make a minimum of three local partnerships for projects across major cities Hines, a privately-owned global land investment company , entered India in 2006 and has thus far invested over USD 400 million equity for development of projects across major cities.
In an interview with PTI, Hines India MD and Country Head Amit Diwan said the corporate is in an advance stage of talks with a couple of local builders and landowners for acquiring new projects through development management (DM) fee model or joint ventures We are witnessing an honest demand for premium spaces in both housing and office segments. one among the fallouts of the COVID pandemic has been that folks are moving towards quality products,” he said.
The market share of quality and trusted developers are rising while others are finding it difficult in marketing their products, Diwan highlighted We are receiving numerous proposals from local developers and landowners for partnership. We are evaluating all proposals for tie-ups. We are beforehand stage of talks for 2 residential projects in Gurugram and one in Noida,” he said.
Diwan said the corporate is additionally evaluating proposals of acquiring projects in Bengaluru, Mumbai and Pune We expect to shut a minimum of three deals, presumably in residential, during this fiscal year ,” he said Elaborating on the prevailing portfolio, Diwan said Hines India has thus far completed two office projects in Gurugram and is currently developing seven projects (three housing and 4 office projects) in Gurugram, Mumbai, Bengaluru and Pune.
“All seven under-construction projects are likely to be completed and delivered between 2022 and 2025,” he added In India, Hines has completed two prime office complex projects in Gurugram –‘One Horizon Centre’ during a venture with realty major DLF and ‘Skyview Corporate Park’ in partnership with Shyam Telecom The US-based firm has exited from both these projects by selling its stakes At present, Hines has three housing projects under construction. it’s partnered with Tata Housing to develop 750 flats in ‘Serein’ public housing in Mumbai.
Another 1,050 apartments are under construction in ‘Parkwest’ public housing in Bengaluru, which is being developed in partnership with Shapoorji and Pallonji land Hines has also formed a venture with Conscient Infrastructure to develop a luxury public housing ‘Elevate’ in Gurugram, Haryana with an estimated cost of Rs 1,500 crore.
Apart from three housing projects, Diwan said the corporate is currently developing four office parks, comprising around 10 million square feet area In March last year, the corporate acquired 33 per cent stake in DLF’s upcoming commercial project ‘Atrium Place’ in Gurugram during a deal size estimated at around Rs 650 crore DLF and Hines would jointly develop a major 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 only, Hines partnered with Bengaluru-based DNR group to develop an office complex within the IT city with 0.7 million square foot of built-up area In Bengaluru, it’s developing another 4 million square feet office space In June 2021, Hines engaged with Goel Ganga Corporation to develop a premium office complex, comprising 2.4 million square feet area, in Pune at an estimated construction cost of Rs 1,200 crore Hines has signed this project on a development management fee model.
Hines forayed into Indian land from Gurugram then entered Mumbai in 2017, Bangalore in 2019 and Pune in 2021 The plan is to consolidate and grow deeper in each city where we’ve presence,” Diwan said, adding that the corporate could explore opportunities in other major property markets Hines, founded in 1957, features a presence in 27 countries It oversees investment assets under management totalling approximately USD 83.6 billion as of June 30, 2021 Historically, Hines has developed, redeveloped or acquired quite quite 1,480 properties, totaling nearly 500 million square feet.
