(MUMBAI, INDIA) – As part of its global commitment to the Living/Housing sector, Hines, the international real estate firm, has entered into a partnership with Tata Housing, one of the fastest-growing real estate companies in India, to invest $23 million toward the development of India’s first wellness homes project – Serein. Located in Thane, an upcoming and highly desirable place to live and work, the project is RERA registered and offers homebuyers spacious two-, three- and four-bedroom, hall, kitchen apartments with a starting price of $250,000 (USD).
Spanning 7.3 acres, Serein will comprise four 33-story towers, each with a central green activity area. The project’s architectural design takes advantage of its strategic location at the edge of the Sanjay Gandhi National Park, social infrastructure including excellent schools and hospitals, and connectivity to BKC and South Mumbai via the Eastern Express Highway. Serein will be one of the most exclusive and sustainable residential developments in Thane.
Brotin Banerjee, CEO and Managing Director, of Tata Housing said, “Our partnership with Hines is in line with our long-term growth strategy of expanding our premium and luxury portfolio with iconic projects in marquee locations across the country. This partnership will help us bring in the global best practices from Hines internationally. We look forward to expanding our association with Hines on future projects.”
“This investment is in line with our thesis of providing equity capital to Tier-1 developers of residential projects, catering to the needs of the upper-middle and luxury segments. This also marks the entry for Hines into the Mumbai market, and is the first step toward a geographically-diversified India presence for Hines,” said Amit Diwan, senior director of investments for Hines India.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 21 countries. Hines has approximately $100 billion of assets under management, including $54.5 billion for which Hines provides fiduciary investment management services, and $45.5 billion for which Hines provides third-party property-level services. The firm has 113 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,262 properties, totaling over 414 million square feet. The firm’s current property and asset management portfolio includes 529 properties, representing over 213 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.
In India, Hines has developed One Horizon Center and Skyview Corporate Park, and invested in an upcoming residential project on Golf Course Extension Road in Gurgaon with Conscient Group.
About Tata Housing
Tata Housing is a closely held public limited company and a subsidiary of Tata Sons. It is the first corporate to pioneer the concept of real estate development in India. Since its revival in 2006, the company has grown exponentially establishing itself as the fastest growing real estate developers in India, with 70 million square feet under various stages of planning and execution and an additional 19 million square feet in the pipeline. It is widely recognized for quality construction, ethical and transparent business practices and timely delivery of properties. It has a pan-India and international presence with demonstrated capabilities in Construction, Engineering, Commercial / IT parks, Housing and Township development. It is known for international standards of design and green sustainable developments. Visit www.tatahousing.in for more information.