Hines announced a joint venture with Conscient Infrastructure to develop a luxury housing project in Gurugram with an estimated cost of Rs 1,500 crore. Hines and Conscient have together put in Rs 500 crore equity fund into the JV for development of housing project ‘Elevate‘. The land is owned by a local developer, IREO.The JV will develop 556 apartments, to be initially sold in a price range of Rs 2.2-4 crore.
Hines is a global real estate investment firm with presence in 214 cities across 24 countries. It entered India in 2006 and has developed two prime office complex projects in Gurugram, including ‘One Horizon Centre’ in joint venture with realty major DLF. Hines have partnered with Conscient to develop their first residential project in India. It is high rise development with luxury positioning.
The JV will construct 556 luxury housing units on 8 acre land parcel located in Sector 59, Gurugram. The construction work will start in July and project will be launched for sale in mid-August. The JV has taken all necessary approvals, including registration with regulator under RERA, for development of this project, which is expected to be completed in the next three and half years.
The JV would initially launch around 125 units for sale at a ticket price of Rs 2.2-4 crore. The unit size varies from 2,100 sq ft to 3,400 sq ft. The US-based firm has formed a JV with DLF for a 2.5 million sq ft commercial complex in Gurugram. It has also partnered with Tata Housing and Shapoorji and Pallonji Real Estate for housing projects in Mumbai and Bengaluru.