Leading real estate developer Shapoorji Pallonji recently tied up with global real estate investment and management firm Hines to develop a premium housing project in Bangalore. The two will jointly develop two phases of Parkwest in Binnypet area of the IT city.
As per the agreement, both the companies will jointly invest Rs 425 crore to develop the two phases. It also revealed that the global investment firm will be paying about Rs 318 crore to Relationship Properties, a wholly-owned subsidiary of Shapoorji Pallonji Group, in order to get a majority stake in phase 3 and phase 4 of the same project.
Elaborating on the above venture, Amit Diwan, managing director, and country head, Hines India Real Estate said, “The partnership is in line with our past ventures wherein we are trying to connect with India’s best companies. With this, Hines will now foray into the realty market of Bangalore apart from its presence in NCR and Mumbai.”
The group has already signed many such strategic deals with DLF, Conscient Group, and TATA Housing to develop real estate projects in NCR and Mumbai.
Adding more to it, Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate informed, “Our partnership with Hines for the development of this project will help in strengthening our presence in the luxury market of Bengaluru.”
The project ‘Parkwest’ is spread across 46 acres amidst lush greenery and open spaces. The project is IGBC certified and is offering 2, 3 and 4 BHK green homes. All the apartments are equipped with big windows for maximum flow of natural lighting and cross ventilation. The rooftops are solar paneled and the rainwater harvesting system collects up to 2,00,000 liters of rainwater every year.
Earlier in 2016, Shapoorji Pallonji has partnered with Actis, International Finance Corporation (IFC) and Asian Development Bank (ADB) to develop middle-income housing across India under the brand Joyville in Gurgaon, Pune, Mumbai, and Kolkata.