Hines plans Rs 1,500 crore investments in Indian realty
It could be an indication that India’s real estate sector is slowly coming back to life from a deep slumber. Vivek Sinha reports.india Updated: Jan 24, 2012 21:37 IST
It could be an indication that India’s real estate sector is slowly coming back to life from a deep slumber.
US-based real estate giant Hines is planning to expand its footprint in India with a $300 million (Rs 1,500 crore) investments. It plans to develop new projects in commercial, residential, warehousing and logistics in the country.
Hines is present across 17 countries and has assets worth $23.4 billion (Rs 117,000 crore) under its kitty.
“We are looking at India as one of our major markets. Over the next few years we will spread our operations to Mumbai and Bangalore apart from Delhi-National Capital Region,” said Jeffrey C Hines, president and CEO of Hines.
Hines said that the company would develop projects by forging partnerships with multiple players across India on a project-by-project basis.
The company already has a 50:50 joint venture with realty major DLF for development of an 865,000 square feet commercial centre at Gurgaon at an investment of Rs 1,000 crore.
It is expected to get ready by mid-2013.
“We share a fantastic relationship with DLF and could also explore newer projects with them. However, our ventures in India will not be exclusives with DLF alone,” said Hines.
He said the company is not in a hurry to grab projects.
“We do not want to have our presence across 10 cities (say) in two years. Instead, we wish to have only quality projects under our kitty,” said Hines.