The US-based Hines group has recently entered in a joint venture with DHDL, a subsidiary of the country’s largest realty builder DLF, to jointly build ₹1,900 crore in the real estate project in Gurgaon. In this connection late last year the offshore firm had signed an agreement with the local realtor to develop a prime commercial project on 11.76 acre land parcel in Gurugram that it bought for nearly ₹1,500 crore through e-auction conducted by the Haryana government. The DLF Home Developers Ltd (DHDL) and Hines group firm Green Horizon Trustee have entered into a joint venture (JV) to develop a high-end commercial project in which DHDL will hold 67 per cent stake in the joint venture, while 33 per cent will be held by Hines with an option to increase its stake to 49 per cent and that Hines has already invested about ₹500 crore in the first tranche. The project will be developed on 11.76 acre of land owned by the JV company located across the highway to the existing business district of DLF Cybercity. DLF and Hines entered into their first joint venture in 2008 to develop One Horizon Center in DLF-5 Gurugram. One Horizon Center is a marquee commercial development and is home to Fortune 500 multinationals, companies claimed in a joint statement.
📅Published on:
21 March 2019
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