(NEW DELHI) – The second joint venture between Hines, the international real estate firm and DLF, the largest publicly listed real estate company in India, has secured a construction loan of Rs. 2,600 Crore from HDFC Ltd. Hines and DLF formed a JV in March last year to develop an office project in Phase-V, Udyog Vihar, NH-48, Gurugram.
Spread across an 11.76-acre commercial land parcel purchased through an auction process conducted by HSIIDC, the project will be developed in two phases - 2.55 mm square feet will be developed in phase I while the rest will be developed in phase II. The construction will commence soon, and buildings will be complete in 2024.
Ms. Renu Sud Karnad, Managing Director, HDFC Ltd. said, “This is a significant development and will augur well for the real estate industry and corporate tenants in India. Having worked as a financial partner with Hines and DLF for One Horizon Center, we are delighted to grow our partnership to set new standards for commercial buildings in India.”
Ashok Tyagi, Group CFO, DLF Ltd. said, “Implementing international best practices in the Indian conditions has been the hallmark of our partnership with Hines. After a successful collaboration in the past, we are now looking forward to take the relationship forward with the new development.” Mr. Tyagi added, “DLF is delighted that HDFC has supported us and feel confident that they have validated our long-term view on the commercial real estate sector as an asset class.”
“We have been working together with DLF for the past ten years to create landmark developments. One Horizon Center on Golf Course Road, one of the finest office spaces in India, is a case in point,” said Amit Diwan, Hines Managing Director and Country Head for India. “We are now taking this partnership to the next level by joining hands to develop future-proof office project incorporating Hines’ latest knowledge from around the world, including intensive involvement of our Conceptual Construction Group and Office of Innovations. This project will be the address of choice in future.”
The project is being designed by some of the world’s best design consultants led by award-wining design architect Pelli Clarke Pelli, whom Hines is proud to work with for the first time in Delhi / NCR for this project. The project will incorporate world class health and safety standards, and has already secured IGBC Platinum pre-certification for its commitment to environment sustainability and will procure Well Certification for tenant comfort.
About DLF Ltd.
DLF is India's leading real estate developer and has more than seven decades of track record of sustained growth, customer satisfaction, and innovation. DLF has developed ~ 153 real estate projects and developed an area of approximately 330 million square feet. The group has an annuity portfolio of over 32 msf (approx.). DLF is primarily engaged in the business of development and sale of residential properties (the “Development Business”) and the development and leasing of commercial and retail properties (the “Annuity Business”). In recent years DLF has received over 250 awards and recognitions by various forums, including Developer of the year award by ET NOW 2019. Developer of the year - Residential by ET NOW, Developer of the year- Luxury 2019 by Golden Globe Tigers Award, Developer of the year – Residential 2019 by Golden Globe Tigers Award, Star of the Industry Awards for Excellence in Real Estate by ET Now 2018, 13 Sword’s of Honour – by British Safety Council 2018 – The highest number received by any company globally in a single year.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.