Hines hastens Rs. 1,500cr Indian realty plans

Injecting a much needed breather to the Indian real estate sector at a time when it is in deep slumber, the US-based real estate giant Hines has decided to expand its footprint in the country and has announced Rs. 1,500cr investment plans for the sector. The company is keen to build new residential, commercial, warehousing and logistics projects across the country. The player is currently has its presence in 17 countries across the globe and has assets to the tune of Rs. 1,17,000cr in its kitty.

According to the President and Chief Executive Officer, Jeffrey C Hines, the company has fixed the Indian market as its main investment destination for the next few years and will spread its operations in cities including Mumbai, Bangalore and National Capital Region (NCR). In this connection, it will develop projects by inking joint ventures with multiple players across the country on a project to project basis. It is already functioning in the market with a 50:50 joint venture with the country's real estate giant DLF Limited and developing 865,000 sqft commercial centre at Gurgaon at an investment of Rs. 1,000cr which is expected to be ready by the middle of next year. It is also exploring opportunities for building more projects with the DLF and other renowned players in the Indian real estate market, he claimed.