Hines Ltd, an investment company based in the US, has forayed into the Indian Property Market by entering the Mumbai market and has plans to construct an office building with 9 lakh square feet of leasable space. This will give a massive boost to the local real estate of Mumbai.
Hines has finished two commercial buildings totalling 1.4 million sq ft in Gurugram, India: “One Horizon Center” and “Skyview Corporate.” These two initiatives no longer have the company’s investment. It now has more than 16 million sq ft under construction in Pune, Bengaluru, and Delhi-NCR.
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Hines’ Project in Mumbai
Hines announced its entry into the Mumbai office market on Monday, i.e. August 15, ’22, with a new project that will include a 30-story grade A office structure.
According to the statement, “The project will have 9,00,000 square feet of office leasable area and will be built to the highest international quality standards, keeping in mind the evolving tenant preferences of better build quality, as well as health and safety in a post-pandemic world”.
According to sources, the corporation has partnered with a regional builder that owns the property to construct this project using a development management methodology or DM. The construction of this structure, a component of an 8.8-acre mixed-use complex, is anticipated to begin in the 1st quarter of 2023 and end in the 4th quarter of 2025.
Leaders Speak
“This is an opportune time for Hines to enter the Mumbai office market given the strong growth in global capability centres and financial services companies opening there and the availability of a high-class talent pool,” commented Amit Diwan, Senior Managing Director (MD) and the country head of Hines India, about the recent foray of Hines.
According to Monish Krishna, MD or Managing Director of Development at Hines, the project will meet the highest international standards, focusing on sustainability, operational carbon reduction, improved indoor air quality, placemaking, and identity.
“Based on our global experience and local expertise, we are well positioned to bring an office experience that will deliver value to occupiers at every step,” Mr. Krishna reiterated.
Following its introduction into the Pune Market last year with a collaborative partnership with the Goel Ganga Corporation, this project, according to Hines, illustrates the company’s sustained commitment to the India office sector.
see also – Tier 2 Cities: Real Choice for Real Estate in Recent Times
Hines’ Projects in Other Parts of the Country
In 2022 in April, Hines and the DNR group announced their partnership to build a two million square foot premium commercial complex in Bengaluru. North Bengaluru’s “DNR Nagavara” project will be built on an 11.3-acre tract of land and is situated in a well-established micro market close to Karle Town Center and Manyata Tech Park.
The project’s anticipated two million square feet of total leasable space is owned by DNR, with Hines serving as the development manager. By the final quarter of 2026, the project is anticipated to be completed.
Hines at a Glance
Hines is a privately held international real estate investment company located in 285 cities across 28 countries that was formed in 1957. It manages investment assets of roughly $90.3 billion in USD. In addition, Hines offers 373 properties totaling 114.2 million square feet in third-party property-level services.
Throughout its legacy, Hines has created, renovated, or purchased around 1,530 properties totaling more than 511 million sq ft. The company across the globe is now working on over 198 projects.
In Conclusion
Such infrastructural developments in the country, be it commercial or housing projects, provide a massive boost to the country’s real estate, pushing the local real estate towards an upswing development. Hines’s foray into Mumbai real estate will not only boost the commercial or housing projects but also generate more employment opportunities for the local people.
