(NEW DELHI) – Construction of the second joint venture project between Hines, the international real estate firm, and DLF, the largest publicly listed real estate company in India, has commenced. Hines and DLF formed a joint venture in 2019 to develop an office complex in Phase V, Udyog Vihar, Gurugram.
Spread across nearly 12 acres, the project will be developed in phases, with Phase I comprised of 2.5 million square feet. In August 2020, the project secured a construction loan of $355 million from HDFC Ltd for the development of Phase I. Unimpeded by COVID, the project’s construction will move forward as scheduled and will be completed in stages throughout 2023 and 2024.
According to Sriram Khattar, Managing Director for DLF Rental Business, “We are excited about our second joint venture with Hines. It reinforces the confidence DLF and Hines have in each other. This marquee project will set new benchmarks in safety, wellness and sustainability, which makes up the core of our philosophy to provide the best in class sustainable workspace solutions to our esteemed clients.”
Amit Diwan, Managing Director and India Country Head for Hines, said, “Based on our conversations with global tenants, a renewed focus on quality is expected once companies return to office. Customers will require offices to incorporate new-age touchless technologies, advanced air-filtration systems, superior security measures and smart management of common areas. DLF and Hines have joined hands to create landmark developments in the past and with this project, we will take our partnership to the next level by building future-proof offices that will address needs of our tenants.”
The project is designed by some of the world’s best design consultants led by award-winning architect, Pelli Clarke Pelli Architects, whom Hines has brought to the Delhi / Nation Capital Region for the first time. The project will incorporate world class health and safety standards and has already secured IGBC Platinum pre-certification demonstrating its commitment toward environmental sustainability. It is designed to achieve Well Certification and USGBC Platinum Certification for enhanced tenant comfort and wellbeing once completed.
About DLF Ltd
DLF is India's leading real estate developer and has more than seven decades of track record of sustained growth, customer satisfaction, and innovation. DLF has developed 153 real estate projects and developed an area of approximately 330 million square feet. DLF Group has 210 msf (approx.) of development potential across residential and commercial segment. The group has an annuity portfolio of over 35 msf (approx.). DLF is primarily engaged in the business of development and sale of residential properties (the “Development Business”) and the development and leasing of commercial and retail properties (the “Annuity Business”).
DLF Limited, has been recognised as an index component of the Dow Jones Sustainability Indices (DJSI) in Emerging markets category. This recognition demonstrates DLF’s track record for its governance, social and environmental initiatives. While DLF is the only real estate company from India to be included in the DJSI index, it joins the ranks of just 11 companies from India to be recognised for the benchmark for Corporate Sustainability, it also received 16 Sword of Honour – by British Safety Council 2020 – The highest number received by any company globally in a single year.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion¹ of assets under management, including $75.5 billion for which Hines provides fiduciary investment management services, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹AUM includes both the global Hines organization as well as RIA AUM.