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Hines, Conscient Infrastructure JV to develop housing project in Gurugram

Thursday, 27 Jun 2019
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The US-based realty firm Hines in a joint venture (JV) with Conscient Infrastructure will develop a luxury housing project in Gurugram, Haryana, with an estimated cost of Rs 1,500 crore.

Hines and Conscient Infrastructure have together put in Rs 500 crore equity fund into the JV for development of the housing project 'Elevate'. The land is owned by a local developer IREO. The JV will develop 556 apartments to be initially sold in a price range of Rs 2.2 crore to four crore. Hines has partnered with Conscient Infrastructure to develop its first residential project in India. It is high rise development with luxury positioning.

The JV will construct 556 luxury housing units on eight acre land parcel located in Sector 59 Gurugram. The construction work will commence in July 2019 and project will be launched for sale in mid-August 2019. The JV has taken all necessary approvals, including registration with regulator under RERA, for development of this project, which is expected to be completed in the next three-and-a-half years.

The project cost is estimated at Rs 1,500 crore, including the land cost. The company has made investment in the JV from its USD 250 million residential fund that was set up a few years ago.

The JV will initially launch around 125 units. The unit size varies from 2,100 sq ft to 3,400 sq ft. Hines has formed a JV with DLF for 2.5 million sq ft commercial complex in Gurugram. It has also partnered with Tata Housing and Shapoorji Pallonji Real Estate for housing projects in Mumbai and Bengaluru.

 
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