DNR Group and Hines, an international real estate firm, will be investing approximately Rs 650 crore spread across three years to develop a commercial project in Bengaluru, the company said.
The project DNR Altitude is expected to be completed by end of 2024 with an investment of approximately Rs 650 crore, it said.
Both Hines and Bengaluru-based DNR had announced last year that they would develop an office complex in Bengaluru, construction for which started on October 27.
The Bhoomi Pujan for the DNR Altitude project was recently performed at the site to mark the beginning of construction.
Altitude is located on a 4-acre commercial site owned by DNR Group, in Yeshwanthpur, a rapidly transforming corridor and an emerging alternate to CBD. The project with 1 million sq. ft of built-up area will have a grade-A quality 20-storey office tower with accompanying amenity spaces.
An initial investment of Rs. 200 crore has already been made in the project.
While Hines brings its world-class development experience to the table, including design, construction, leasing and asset management, DNR Group as developer will also bring all its deep knowledge towards development, local expertise, and procurement capabilities.
“The office sector today is at a pivotal point of transformation that is likely to continue for a while. However, it is certain that once things start returning to normal, quality is going be the key. The occupier, who will ultimately drive the value in the office sector, is going to choose better partners, better landlords and better projects,” said Vipul Kumat, Managing Director, DNR Group said,
Monish Krishna, Managing Director - Development, Hines India said, “We have been working in India for over a decade to create landmark office spaces like One Horizon Center on Golf Course Road, Gurgaon. This project will be the address of choice for office goers in future.”
Altitude is a TOD (Transit Oriented Development) with close proximity to Metro, bus station and SBD Growth Corridor. The commercial project is situated in a high development corridor with proximity to various landmarks of Bangalore like WTC at Brigade Gateway.