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US realty co to pump $300 mn in India

Hines is aiming to cash in on the bullish Indian realty space by an aggressive foray in association with local partners.

india Updated: Sep 14, 2006 19:17 IST

Aiming to cash in on the bullish Indian realty space, US-based real estate company Hines plans to invest over $300 million (over Rs 1,300 crore) over the next 4-5 years to develop projects in association with local partners.

Hines, which manages about $12.5 billion of property across various countries, is targeting to develop various residential as well as commercial projects in the country. It had opened its first office here in April.

"In the next 4-5 years, it is our objective to make over 300 million dollars investments," Hines Managing Director Daniel MacEachron told PTI.

However, he said the access to capital would not be a constraint, adding, "If we get good projects, we can increase our level of investment."

The company plans to develop residential, office, mixed use, township and SEZs projects and is primarily focusing on NCR, Bangalore, Hyderabad and select other major markets.

"We expect to work with local partners on some or all of our projects," he said, adding that the projects would be announced in the next 6-12 months.

On its foray, MacEachron said: "India, we believe will be one of the most important economies of the 21st century and... any firm which wishes to be a truly global company must be active in India."

He also expressed concerns about the rapid escalation in land prices in the major markets.

But, he added: "We expect that there will be some correction in land prices over the next 12-18 months."

Hines portfolio of projects underway, completed, acquired or managed for third parties include almost 900 properties representing more than 345 million sq ft of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities.

First Published: Sep 14, 2006 19:17 IST