Global property investment management firm Hines and Conscient Infrastructure Pvt Ltd have announced a joint venture to develop a premium residential project in Gurgaon at an estimated cost of Rs 2,000 crore.
Hines and Conscient have put in Rs 500 crore equity fund into the JV for development of housing project called Elevate. The land is owned by a local developer IREO. The construction for the project will begin in July and units would be launched for sale by August.
Conscient Infrastructure will be the developer for the project while Hines will be investment manager and advisor.
The project is located in Golf Course Extension Road, in Sector 59. The units are expected to be priced between Rs 2.2 crore to Rs 4 crore. The project is expected to house 556 apartments with equivalent saleable area sizes ranging from approximately 2,100 square feet to 3,400 square feet.
The project will be designed by Spanish architect Ricardo E Bofill, principal chief designer, RBTA. The unit configuration ranges from 3BHK, 3BHK plus powder room, 3BHK plus study and 4BHK.
"Having earlier built One Horizon Center on Golf Course Road through this significant JV, we now foray into residential real estate in India. With our international expertise and customer-focused approach and Conscient's understanding of the local markets, we have designed a project based on extensive customer research and market study. We believe the project meets the expectations of our clients who expressed a need for an international-standard premium residential community," said Alex Felez Buchholz, Managing Director-development for Hines India.
"Through this project, we aim to continue our decades-long legacy of providing better homes through well thought out spaces to discerning consumers. At Conscient, we have always believed in on-time delivery, offering high quality products and reliability," said Rajesh Jain, Director, Conscient.
Prachish Vasudeva, senior director and business head, (residential) said: "The residential real estate industry in India has been in a state of flux for several years with customers having a trust deficit with some local developers. On the other hand, foreign players had been reluctant to enter the industry in the past, but now have RERA, demonetisation, Benami Property Act, and GST reforms in place to ensure a fair, transparent and level playing field. We believe that Elevate will appeal to both end-users, and long-term investors who believe in Gurugram's long-term potential like us."
Recently, realtor Shapoorji Pallonji Real Estate entered into an agreement with global property investment management firm Hines to jointly develop two phases of its premium residential project Parkwest in Bengaluru. It has been reported that the total investment by the joint venture partners for the development of these new phases of this project will be around Rs 425 crore.The US-based firm also has a JV with DLF for a 2.5 million sq ft commercial complex in Gurugram and has also partnered with Tata Housing for housing projects in Mumbai.