HINES TO INVEST $23 MILLION IN TATA HOUSING PROJECT

BENGALURU: Hines, a global real estate investment and management firm with $100 billion in assets under management, will invest $23 million in Tata Housing Development Co Ltd’s premium wellness-themed project Serein at Thane, Maharashtra.

The money will go towards development of the project.

Last year, Tata Housing announced the project Serein, which will be spread across 7.3 acres and have four, 33-storey towers and a total of 740 flats.

The homes are priced in the premium segment, ranging from ₹1.65 crore for a two bedroom-hall-kitchen apartment, to ₹2 crore for a three-bedroom unit.

“Our partnership with Hines is in line with our long-term growth strategy of expanding our premium and luxury portfolio with iconic projects at marque locations across the country. This partnership will help us bring in the global best practices from Hines internationally. We look forward to expanding our association with Hines for future projects,” said Brotin Banerjee, CEO and MD of Tata Housing.

The fact that Tata Housing and Hines plan to associate for future projects is important in the context that the Mumbaibased developer had agreed with Macquarie Infrastructure and Real Assets (MIRA), a part of Australia’s Macquarie Group Ltd, to jointly invest around ₹2,000 crore to develop high-end residential projects.

A memorandum of understanding (MoU) was signed last year and the transaction was supposed to be the Australiabased investor’s first real estate investment in India.