An international real estate firm Hines and Conscient Infrastructure Pvt Ltd have launched the second phase of their joint venture project Elevate and are planning to invest close to Rs 700 crore in it.
"The total cost involved on the project is Rs 1,500 crore out of which 55 percent has been spent on Phase I (approximately Rs 800 crore) and about 45 percent is dedicated to Phase II, that is approximately Rs 700 crore," said Amit Diwan, Managing Director and India Country Head, Hines, and Rajesh Jain, Director, Conscient Infrastructure Pvt. Ltd.
Phase II of Elevate will offer 248 apartments. Customers can choose from 3BKH, 3BHK + powder room and 3BHK + powder room and a study.
The first phase of the project was launched in June 2019 and has clocked sales of over Rs 900 crore.
Hines and Conscient announced a joint venture to develop Elevate in June 2019. The premium project is Hines’ first residential venture in India. Conscient Infrastructure is the developer for the project while Hines is the investment manager and advisor.
Both Jain and Diwan agreed that while there have been internal delays on account of the two waves of the pandemic, the first phase of the project will be delivered as per the timelines which is December 2023 for the first phase and December 2024 for the second phase.
The first phase launched in 2019 has 300 units and the second phase has close to 250 units. “We are selling these 3BHK and 4BHK at around Rs 12,000 per sq ft,” said Jain, adding the project comprises five towers spread across 9 acres.
The two entities plan to do more projects in Delhi-NCR and Gurgaon.
The project is located on Golf Course Extension Road in Sector 59 and is being constructed by TATA Projects.
Hines launched the residential projects before COVID-19.
The company has launched three commercial projects so far. “It may take another 18 months for office leasing to get back to pre-COVID-19 levels,” Diwan told Moneycontrol.
“The world is getting divided into three types of occupiers – those that prefer only offices, those who prefer remote working and those who prefer the hybrid model. Going forward, the world will move to hybrid model,” he added.
Currently, the company has three housing projects under construction. It has partnered with Tata Housing to develop 750 flats in Serein' housing project in Mumbai. Another 1,050 apartments are under construction in 'Parkwest' housing project in Bengaluru, being developed in partnership with Shapoorji and Pallonji Real Estate.
On the commercial front, Hines, in partnership with DLF Ltd., has developed One Horizon Centre. This has been developed on an 11-acre site located on Golf Course Road in Gurgaon. In March last year, Hines had acquired 33 percent stake in DLF's upcoming commercial project in Gurugram in a deal size estimated at around Rs 650 crore.
DLF and Hines would jointly develop a prime commercial project on 11.76-acre land parcel in Gurugram that was bought for nearly Rs 1,500 crore through e-auction conducted by the Haryana government in February 2018.
In July last year, the US-based realty firm had announced its partnership with Bengaluru-based DNR group to develop an office complex in the IT city with 1 million sq ft of built-up area. It serves as a development manager for this project called Altitude, a 730,000-square-foot, 20-story international quality office tower with accompanying amenity spaces.
It has already exited from its first commercial project Skyview Corporate Park, which it developed in partnership with Shyam Telecom.
Hines is a global real estate investment firm with a presence in 205 cities across 24 countries. It entered India in 2006 and has so far invested $400 million equity for the development of six projects, of which two are already completed.