Hines has formed a joint venture with Conscient Infrastructure to develop a luxury housing project 'Elevate' in Gurugram with an estimated cost of Rs 1,500 crore.
Hines and Conscient have together put in Rs 500 crore equity fund into the JV for the development of this project. The land is owned by a local developer IREO.
The JV will develop 556 apartments in a price range of Rs 2.4 crore to Rs 4 crore.
Hines and Conscient Infrastructure have awarded Rs 500 crore construction contract for their residential development 'Elevate' to Tata Projects, a company statement said.
"We are happy to be constructing this premium residential project using world-class construction techniques with uncompromising standards of safety and quality," Tata Projects MD Vinayak Deshpande said.
The project will be completed by 2023.
Prachish Vasudeva, senior director, Hines India said, "Elevate is a high-quality project and in Tata Projects we find a partner who shares our commitment to quality, transparency, safety and timely delivery to create the highest possible value for our customers."
Conscient Infrastructure is the developer for the project while Hines is the development advisor and investment manager.
Rajesh Jain, director, Conscient Infrastructure, said, "We chose Tata Projects because of our confidence in their construction engineering ability and their commitment to deliver high quality that an international architectural design requires." MJH PSK RUJ RUJ