US realty firm Hines to invest 1,500 crore in In­dian res­i­den­tial mar­ket

Accommodation Times - - Real Estate Investments - By Staff Re­porter

Hines the US-based pri­vate real es­tate company an­nounced about its plans to invest Rs 1,500 crore in In­dian res­i­den­tial real es­tate mar­ket. Company is in talks with some In­dian de­vel­op­ers to be a part­ner to man­age the in­vest­ment. The company will place cap­i­tal in the form of eq­uity, across res­i­den­tial prop­er­ties in ur­ban ci­ties like Mumbai, Delhi, Ban­ga­lore and Pune. Hines, Coun­try Head and Se­nior Man­ag­ing Di­rec­tor, Yash Gupta, said, “We have planned an ini­tial cap­i­tal­i­sa­tion of Rs 1, 500 crore to invest in In­dian res­i­den­tial mar­ket, we have en­tered into a joint ven­ture with an in­ter­na­tional fi­nance company for the same.” Fur­ther he added, “Our plan is to con­struct 3-4 projects of mid-in­come hous­ing within next 2-3 years, as de­mand for hous­ing is high in mid­dle in­come group, we want to fo­cus on it.” Their first res­i­den­tial project is likely to be com­menced dur­ing the first quar­ter of 2015.

Hines, Coun­try Head and Sr MD, Yash Gupta, said, “We have planned an ini­tial cap­i­tal­i­sa­tion of Rs 1, 500 crore to invest in In­dian res­i­den­tial mar­ket, we have en­tered into a joint ven­ture with an in­ter­na­tional fi­nance company for the same.”

Hines has it has de­vel­oped 58,000 res­i­den­tial units across the world in nine dif­fer­ent coun­tries. In In­dia, it has been present since 2006 in com­mer­cial space through two de­vel­op­ments. Now, it is ex­pand­ing its pres­ence in In­dia through res­i­den­tial sec­tor. At present, Hines man­ages 391 prop­er­ties to­talling 161 mil­lion sq. ft., in­clud­ing 89.1 mil­lion sq. ft. for third par­ties. It has of­fices in 115 ci­ties in 18 coun­tries, and con­trolled as­sets val­ued at about $28.2 bil­lion.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.