Track2Realty: US-based realty firm Hines has announced a tie-up with a global fund to invest US$ 250 million (over Rs 1,500 crore) in various housing projects in India.
Hines has formed a joint venture firm, Hines India Residential, with an international finance company, with the aim to tap the huge demand for mid-income homes.
The JV will invest in the form of an equity in the housing projects, in Delhi-NCR, Mumbai, Bangalore and Pune. They are looking at doing three to five projects over the next two or three years.
The first housing project is likely to be announced in January-March quarter and investment in a single project could be in the range of Rs 300-500 crore.
The realty firm entered the Indian real estate market in 2006 and has completed construction of three commercial buildings, with 1.5 million sq ft of area, in Gurgaon.
Hines has completed a commercial building in a joint venture with DLF in Gurgaon, on one million sq ft area. Hines is also developing another commercial project ‘Skyview Corporate Park’, in phases, on a 21 acre site owned by Shyam Telecom. In the first phase, Hines completed 0.5 million sq ft. Another 1.5 million sq ft will come up in later phases of the project.
