 "US builder Hines set to enter residential sector")
The company is scouting for joint venture partners for its first residential development.
Five years ago, Hines had entered India through a joint venture development commercial project with real estate major DLF in Gurgaon. This was followed by another project, with Shyam Telecom.
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To invest in real estate projects, the company had, in 2007, set up a fund of about Rs 1,650 crore in India. So far, it has spent about Rs 1,000 crore.
Through its Indian arm, Hines India Real Estate, the company also plans to rope in an international brand for a four-star hotel in its 21-acre mixed-use development project in Gurgaon with Shyam — SkyView Corporate Park, Hines India Managing Director and country head Yash Gupta told Business Standard.
With a capacity of about 300 rooms, the hotel would primarily be used by people working in offices in that complex.
Gupta said for residential projects, the company was considering the Delhi-National Capital Region, as well as Mumbai. “We will announce one or two projects in this segment within a year,” he said.
The company would scout for at least 20 acres for the residential project, though a final decision on the matter would depend on locality and opportunity.
In the residential segment, Hines would target mid-market and upper mid-market projects.
The company’s two ongoing mixed-use development projects in Gurgaon would bring revenue of Rs 5,000 crore. Both the projects are expected to be completed this year, Gupta said.
Along with DLF, Hines is developing a 3.5-acre site on Golf Course Road in Gurgaon.
The company operates across 17 countries, including Germany, the UK, Spain, China, the UAE, Canada and Brazil, with total assets of about $23.4 billion.
It has about 462 million sq ft (both completed and under construction projects) of office, mixed-use, residential, retail, industrial and other land developments.