Construction of the second joint venture project between Hines, the international real estate firm, and DLF, the largest publicly listed real estate company in India, has commenced. Hines and DLF formed a joint venture in 2019 to develop an office complex in Phase -V, Udyog Vihar, NH – 48, Gurugram.
Spread across 11.76 acres, the project will be developed in phases, with Phase I being 2.55 mm sf. In August 2020, the project secured a construction loan of INR 2,600 Crore from HDFC Ltd for the development of Phase I. Unimpeded by COVID, the project construction is as per schedule and is targeted to be completed in stages in 2023-24.
According to Mr Sriram Khattar, Managing Director DLF Rental Business, “We are excited about our second JV with Hines. It reinforces the confidence DLF and Hines have in each other. 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.”
Amit Diwan, Managing Director and Country Head for Hines India, 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. DLF and Hines have joined hands to create landmark developments in the past and with this project we are taking our partnership to the next level by building future-proof offices that will address needs of our tenants.”
The project is designed by some of the world’s best design consultants led by award-winning architect, Pelli Clarke Pelli Architects, 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 demonstrating its commitment toward environmental sustainability. It is designed to achieve Well Certification and USGBC Platinum Certification for enhanced tenant comfort and wellbeing.