New Delhi : Global real estate major Hines will invest USD 23 million (about Rs 150 crore) in Tata Housing’s residential project in Thane, Maharashtra, as part of strategy to expand its presence in the Indian property market. US-based Hines has developed two commercial projects — One Horizon Center and Skyview Corporate Park — at Gurgaon in India. It has also invested in an upcoming residential project in Gurgaon with the Conscient Group.
“Hines has entered into a partnership with Tata Housing to invest USD 23 million towards the development of India’s first wellness homes project – Serein,” the two companies said in a joint statement. The project, spread over 7.3 acres, will have four 33- story towers. The starting price of a unit is Rs 1.65 crore.
According to sources, over 600 units would be developed in this project, of which 300 have been launched and 150 have been sold. Property consultant CBRE South Asia was the advisor for this transaction.
“Our partnership with Hines is in line with our long-term growth strategy of expanding our premium and luxury portfolio with iconic projects at marquee locations across the country,” said Brotin Banerjee, CEO and Managing Director, Tata Housing.
The pact will help in bringing in global best practices he said, adding that the company looks forward to expanding its association with Hines for future projects.
“This investment is in line with our thesis of providing equity capital to Tier-I developers on residential projects, catering to the needs of the upper-middle and luxury segments,” said Amit Diwan, Senior Director of Investments for Hines India. The investment also marks Hines’ entry into Maharashtra.
Tata Housing has 70 million square feet under various stages of planning and execution and an additional 19 million square feet in the pipeline.
Hines, a privately owned global real estate investment firm and founded in 1957, is developing 113 projects the worldover at present.
The firm has approximately USD 100 billion of assets under management, including USD 54.5 billion of assets for which it provides fiduciary investment management services.
