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