Realty developer Shapoorji Pallonji Real Estate has entered into an agreement with Hines to jointly develop two phases of its premium residential project Parkwest in Bengaluru, Karnataka.
The JV partners will make an investment of Rs 425 crore for development of these new phases. Hines will be paying about Rs 318 crore to Relationship Properties, a wholly-owned subsidiary of Shapoorji Pallonji Group, for a majority stake in Phase-3 and Phase-4 of the project.
The residential project is spread around 46 acre in Binnypet area of Bengaluru and has a total saleable area of around 4.8 million sq ft. Of this, Phase-3 of the project, which has already been launched, has around 0.32 million sq ft saleable space. Phase-4, which will be launched by the end of 2019, has 1.48 million sq ft area.
Phase-1 is already sold out, while Phase-2 is being undertaken by Shapoorji Pallonji Real Estate independently. Hines has previously partnered with developers such as DLF, Tata Housing and Conscient Group to develop real estate in NCR and Mumbai.