Houston-headquartered global real estate group Hines has teamed up with India’s Conscient Infrastructure to develop a luxury housing project in Gurugram (formerly Gurgaon), a tech and financial hub southwest of New Delhi.
According to reports, the 556-apartment development called "Elevate" will cost around $240m (Rs 1,500 crore), with Hines and Conscient investing $75m equity into the project.Â
Units will be initially priced from $330,000 to $600,000.
Hines’ India Managing Director-Development Alex Felez Buchholz told Press Trust of India (PTI): "We have partnered with Conscient to develop our first residential project in India. It is high rise development with luxury positioning. With our international expertise and customer-focused approach and Conscient’s understanding of the local markets, we have designed a project based on extensive customer research and market study."
According to PTI, Hines entered India in 2006 and has developed two prime office complexes in Gurugram, including "One Horizon Centre" in joint venture with realty major DLF.
Conscient director Rajesh Jain told PTI that construction would start in July and sales would be launched in mid-August. Jain added that construction would be awarded to a reputed contractor.
Developers have all necessary approvals and work is expected to be finished in three and half years.
The cost of around $240m includes the 8-acre plot of land.
Hines India senior director Prachish Vasudeva said: "We have thoughtfully designed this project. This will be a differentiated offering."
Image: Gurugram’s HUDA metro station opened in 2010, linking to Delhi on the Yellow Line (varunshiv/CC BY 2.0)
