Hines Investment to Spruce up Realty Market in India :
US based global real estate major, Hines has announced its plans to invest $250 m in Indian housing market and this is set to reinvigorate the real estate segment in India and especially in the Gurgaon region.
Hines, entered into the Indian real estate market in 2006 and so far the company has completed construction of 3 commercial buildings, with 1.5 million sq ft of area, in Gurgaon.
Keeping its focus towards offering quality real estate for mid-income group in India, Hines has tied-up with a global fund to invest USD 250 million (over Rs 1,500 crore) in various housing projects in India.
The Joint venture would invest in the form of equity in housing projects in Delhi-NCR, Mumbai, Bangalore and Pune regions. As part of its India plans, Hines will partner with local developers and leverage its global real estate knowledge with essential information sharing from its local partners.
Starting its real estate activity, the first of such a housing project is likely to be announced in January-March quarter and would carry an investment in a single project in the range of Rs 300-500 crore.
It is important to note that at present, Hines manages 391 properties totaling 161 million sq ft, which includes 89.1 million sq ft for third parties. With offices in 115 cities in 18 countries, and controlled assets valued at approximately USD 28.2 billion, Hines is one of the largest real estate organisations in the world. The company’s India plans are likely to further instill India’s plans to incorporate global standards in real estate segment.