Realty major DLF and US-based Hines will invest around Rs 1,300 crore to construct the first phase of a premium commercial project, largely office space, in Gurugram, a senior company official said.
The construction of this project, comprising 2.55 million sq ft area in the first phase, has started, Managing Director of DLF Rental Business Sriram Khattar said.
DLF and Hines had formed a joint venture in March last year to develop this project on a 11.76 acre land parcel bought by DLF in 2018 for nearly Rs 1,500 crore through an e-auction conducted by the Haryana government.
In March last year, DLF sold 33 per cent stake in this commercial project to Hines for around Rs 650 crore.
"The estimated cost of construction for the first phase is around Rs 1,300 crore," Khattar told PTI.
The DLF-Hines JV had in August secured a construction loan of Rs 2,600 crore from HDFC Ltd for the development of first phase, which is targeted to be completed in stages in 2023-24.
"This marquee project will set new benchmarks in areas of safety, wellness, sustainability, which is the core of our philosophy to provide the best in class sustainable workspace solutions to our esteemed clients," Khattar said.
Hines India MD and Country Head Amit Dewan said: "Based on our conversations with global tenants, flight to quality is expected once companies return to office." "Customers will require offices incorporating new-age touchless technologies, advanced air-filtration systems, superior security measures and smart management of common areas," Dewan said.
This is the second JV between the two companies. DLF and Hines had entered into their first joint venture in 2008 to develop One Horizon Center in DLF-5 Gurugram, Haryana. DLF has developed 153 real estate projects and developed an area of about 330 million sq ft. It has 210 million sq ft of development potential across residential and commercial segments. The group has an annuity portfolio of over 35 million sq ft.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence across 225 cities in 25 countries.
It has about USD 144.1 billion of assets under management. The firm has 165 developments currently underway around the world.