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 11.76 acres commercial land parcel purchased through an auction process conducted by HSIIDC, the project will be developed in two phases – 2.55 mm sf will be developed in phase I while the rest will be developed in phase II. The construction will commence soon, and buildings will go live starting 2023.
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.”
Amit Diwan, MD and Country Head for Hines India said, “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. 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 has roped in for the first time in Delhi / NCR for this project. The project will incorporate world class health & safety standards and has already secured IGBC Platinum pre-certification for its commitment to environment sustainability and will procure Well Certification for tenant comfort.