Global real estate firm Hines will plough in USD 23 million (equals Rs 150 crore) in Tata Housing’s housing project at Thane, Mumbai as a strategic move towards strengthening its base in the Indian real estate bazaar.
A company of US origin, Hines has come up with two commercial ventures — One Horizon Center and Skyview Corporate Park — at Gurgaon in India. It has also got into a joint venture with Conscient Group for a residential project in the making at Gurgaon.
A statement issued jointly by Hines-Tata Housing revealed Hines alliance with Tata Housing in which Hines will invest USD 23 million for developing India’s first wellness homes project – Serein, The project, sprawling across a landscape of 7.3 acres, will have four 33- story towers at a base price of Rs 1.65 crore per unit.
Brotin Banerjee, CEO and Managing Director, Tata Housing communicated that the Hines-Tata Housing collaboration is in sync with their long-standing growth strategy of expanding their premium and luxury compendium with classic projects at select sites all over India. The alliance will universally import global best practices from Hines. He also added optimistically that Tata Housing has on its cards, plans to strengthen its affiliation with Hines for forthcoming projects.
Amit Diwan, Senior Director of Investments for Hines India conveyed that this investment flows with Hines’ idea of delivering equity capital to Tier-I promoters on housing projects, serving the needs of the upper-middle and luxury deals. This also ushers Hines’ entry in Mumbai and kicks off a geographically Pan-India presence for Hines in the near future.
Tata Housing is a well-knit public limited firm and an auxiliary company of Tata Sons. It houses 70 million square feet passing through different phases of plotting and implementation and an extra 19 million square feet in conduit.
Moving on to Hines, it is a private ownership international real estate investment conglomerate that was set up in 1957 with establishments in 201 cities in 21 nations. The roundabout figure of Hines assets under management approximate up to USD 100 billion, including USD 54.5 billion for which Hines provides fiduciary investment management services and USD 45.5 billion for which Hines provides third-party property-level services. The undertaking flourishes with 113 fabrications, presently afoot around the world.