DLF-Hines JV secures ₹2,600-cr funds for a Project in Gurugram

Hines informed that it has secured ₹2,600 crore funds from HDFC to construct a prime office complex in Gurugram and the partners had formed a joint venture in March last year. DLF bought the 11.76-acre land parcel for nearly ₹1,500 crore through e-auction conducted by the Haryana government in February 2018, thereafter, DLF sold 33% stake in this commercial project to Hines, for around ₹650 crore. 2.55 million sq ft will be developed in the first phase while the rest will be developed in the second phase. The buildings will go live starting from 2023. The land parcel is located across the highway to the existing business district of DLF Cybercity. Implementing international best practices in the Indian conditions has been the hallmark of partnership with Hines. The partners are taking the relationship forward with the new development. Ashok Tyagi, Group CFO, DLF informed that HDFC's support validates the company's long-term view on the commercial real estate sector as an asset class. While MD and Country Head for Hines India said the company has been working together with DLF for 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 and the partners 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.