Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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DLF and Hines commence construction of second commercial project in Gurgaon

Hines and DLF formed a joint venture in 2019 to develop an office complex in Phase -V, Udyog Vihar, NH - 48, Gurugram.

Construction of the second joint venture project between Hines, the international real estate firm, and DLF, the largest publicly listed real estate company in India, has commenced.

Hines and DLF formed a joint venture in 2019 to develop an office complex in Phase -V, Udyog Vihar, NH - 48, Gurugram.

Spread across 11.76 acres, the project will be developed in phases, with Phase I being 2.55 mm sf. In August 2020, the project secured a construction loan of Rs 2,600 crore from HDFC Ltd for the development of Phase I. Unimpeded by COVID, the project construction is as per the schedule and is targeted to be completed in stages in 2023-24.

“We are excited about our second JV with Hines. It reinforces the confidence DLF and Hines have in each other. This marquee project will set new benchmarks in areas of safety, wellness, sustainability, which is the core of our philosophy to provide the best in class sustainable workspace solutions to our esteemed clients,” said Sriram Khattar, Managing Director, DLF Rental Business.

“Based on our conversations with global tenants, flight to quality is expected once companies return to the office. Customers will require offices incorporating new-age touchless technologies, advanced air-filtration systems, superior security measures, and smart management of common areas. DLF and Hines have joined hands to create landmark developments in the past and with this project, we are taking our partnership to the next level by building future-proof offices that will address the needs of our tenants,” said Amit Diwan, Managing Director and Country Head for Hines India.

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The project is designed by award-winning architect Pelli Clarke Pelli Architects.
Moneycontrol News
first published: Jan 13, 2021 04:03 pm

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