Hines unveils $500-mn investment plans in India

In a bid to make the most out of the emerging biz avenues in Indian realty sector, the US-based realty firm Hines has decided to invest $ 500 million to develop new commercial and housing projects in the country. The offshore firm, which is a global real estate investment player, has presence in 219 cities across 23 countries and had entered India in 2006 and has so far invested $ 400 million in the development of six projects, of which two have already been completed, said Managing Director and Chief Transformation Officer, Laura Hines-Pierce, adding that Asia and India is a focus market with long-term and very positive view on Indian real estate. India is a great growth story but there will be bumps on the road as some of the problems that exist in Indian real estate market that is its advantage, she insisted. Housing market as of now might be under stress but office space leasing is strong in India and that the company would adopt a careful approach in picking right partners and right locations for projects development. The company would continue to focus on developing and making investment in office and residential projects in medium term but could explore opportunities in retail and logistics/warehousing projects in the long term.