Hines plans to build 4-mn sq ft real estate space

Global real estate investment fund Hines has planned to add 4 million square feet of commercial and residential space to its existing portfolio in India by expanding in Mumbai, Bengaluru, and Gurgaon. It is also in talks to enter new markets like Noida. The company currently operates 6 million sq ft of commercial and 4 million sq ft of residential space and is adding another 4 million sq ft of which one million sq ft will be residential. It currently has a residential business in Mumbai and Bengaluru, one project each, and is looking for more projects in these locations. MD and India country head, Amit Diwan, informed that after the Covid-19 outbreak, demand for premium space had gone up and the company is witnessing better demand for its upcoming projects. Millennials staying away from homeownership earlier, are now back in the market as potential buyers.

In the commercial segment, Hines will come up with more projects this year as its joint venture with DLF is going well. It started construction a couple of months ago and has recently announced a new project in Pune and also got construction started in Bengaluru. Hines and real estate developer Conscient has announced the Phase II of Elevate, a luxury residential complex in Gurgaon, with an investment of ₹700 crore. It is in advance talks for more projects together on the residential and living space particularly.