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DLF, Hines JV raises Rs 2,600cr. loan for Gurugram office project

The joint venture (JV) between Hines, the international real estate firm and DLF, the publicly listed real estate company in India, has secured a construction loan worth Rs 2,600 crore from HDFC. Hines and DLF had formed a JV in March 2019 to develop an office project at Phase-V, Udyog Vihar in Gurugram, Haryana. The construction on the project will commence soon, and the buildings become operational by 2023. The commercial land parcel, spread across 11.76 acre, was purchased through an auction by HSIIDC. The project will be developed in two phases — 2.55 mm sq ft will be developed in Phase-I while the rest will be developed in Phase-II. The project is being designed by consultants led by architect Pelli Clarke Pelli, whom Hines has roped in for the first time in Delhi/ NCR for the project. The project will incorporate health and safety standards and has already secured IGBC Platinum pre-certification for its commitment to environment sustainability and will procure Well Certification for tenant comfort. DLF has developed 153 real estate projects. It has developed an area of approximately 330 million sq ft. The Group has an annuity portfolio of approximately over 32 million sq ft. Hines has around USD 133.3 billion of assets under management, including USD 71 billion for which Hines provides fiduciary investment management services, and USD 62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world.