Hines, a private global real estate investment company, entered India in 2006 and has so far invested over $ 400 million in equity for the development of projects in major cities.

In an interview with PTI, Hines India MD and Country Head Amit Diwan said the company is at an advanced stage of talks with a few local builders and landowners to acquire new projects through a development management fee (DM) model. or joint ventures.

“We are seeing a good demand for high-end spaces in the housing and office segments. One of the fallout from the COVID pandemic has been that people are turning to quality products, ”he said.

The market share of quality and trusted developers is increasing while others struggle to bring their products to market, Diwan said.

“We are receiving many partnership proposals from local developers and landowners. We are evaluating all merger proposals. We are at an advanced stage of talks for two residential projects in Gurugram and one in Noida,” he said. he declares.

Diwan said the company is also evaluating acquisition proposals for projects in Bengaluru, Mumbai and Pune.

“We expect to close at least three deals, most likely in residential, during this fiscal year,” he said.

Elaborating on the existing portfolio, Diwan said that Hines India has so far completed two office projects in Gurugram and is currently developing seven projects (three housing and four office projects) in Gurugram, Mumbai, Bengaluru and Pune.

“The seven projects under construction are expected to be completed and delivered between 2022 and 2025,” he added.

In India, Hines completed two large office complex projects in Gurugram – ‘One Horizon Center’ as part of a joint venture with real estate company DLF and ‘Skyview Corporate Park’ in partnership with Shyam Telecom.

The American firm withdrew from these two projects by selling its stakes.

Currently, Hines has three housing projects under construction. It has partnered with Tata Housing to develop 750 apartments in the ‘Serein’ housing project in Mumbai.

Another 1,050 apartments are under construction in the ‘Parkwest’ housing project in Bangalore, which is being developed in partnership with Shapoorji and Pallonji Real Estate.

Hines has also formed a joint venture with Conscient Infrastructure to develop an “Elevate” luxury housing project in Gurugram, Haryana, at an estimated cost of Rs 1,500 crore.

In addition to three housing projects, Diwan said the company is currently developing four office parks, covering an area of ​​approximately 10 million square feet.

In March of last year, the company acquired a 33% stake in DLF’s next business project, “Atrium Place” in Gurugram, for an estimated amount of around Rs 650 crore.

DLF and Hines would jointly develop a world-class business project on an 11.76-acre plot of land in Gurugram which was purchased for almost Rs 1,500 crore through an online auction conducted by the government of Haryana in February 2018.

Just last year, Hines partnered with Bengaluru-based DNR Group to develop an IT City office complex with 0.7 million square feet of built-up area.

In Bengaluru, it is developing another 4 million square foot office space.

In June 2021, Hines partnered with Goel Ganga Corporation to develop an upscale 2.4 million square foot office complex in Pune at an estimated construction cost of 1,200 crore. rupees.

Hines signed this project on a development management fee model.

Hines made a foray into Indian real estate from Gurugram, then moved to Mumbai in 2017, Bangalore in 2019, and Pune in 2021.

“The plan is to consolidate and grow further in each city where we operate,” said Diwan, adding that the company could explore opportunities in other major real estate markets.

Hines, founded in 1957, is present in 27 countries.

He oversees investment assets under management totaling approximately US $ 83.6 billion as of June 30, 2021.

Historically, Hines has developed, redeveloped or acquired more than 1,480 properties, totaling nearly 500 million square feet.

The company currently has more than 171 developments underway around the world.