US developer Hines has begun the second phase of its first residential project in India, bringing total investment in the Elevate luxury apartments in Gurugram to INR 1,500 crore ($202 million).
Hines and local partner Conscient Infrastructure spent INR 800 crore on Phase I of the joint venture announced in June 2019 and have since recorded sales of more than INR 900 crore at the under-construction complex, Houston-based Hines said in a press release.
The premium project in the IT hub southwest of New Delhi adds to the firm’s existing portfolio of commercial properties in key Indian cities. Construction is scheduled for completion in the third quarter of 2023.
“The enthusiastic response to Phase I of Elevate reiterates our belief that customers in India are seeking international-standard residential projects,” said Amit Diwan, managing director and India country head at Hines, which serves as the investment manager and advisor for Elevate.
Filling a Luxury Niche
Phase II of Elevate will offer 248 for-sale apartments out of the 556 planned for the project, which sits within an exclusive enclave on Golf Course Extension Road in Gurugram’s Sector 59, a residential and commercial area near the International Tech Park Gurgaon developed by Singapore’s CapitaLand.
Designed by Spanish architect Ricardo Bofill, with Indian contractor Tata Projects handling construction duties, Elevate has been designed to address gaps in the local market while providing a “complete lifestyle” to buyers, said Monish Krishna, managing director for development at Hines.
The latest phase offers three-bedroom apartments, with some units adding a powder room and a study. On-site amenities include underground parking; a British-style clubhouse with social lounge, poolside leisure and fine dining; and a gym with a temperature-controlled lap pool and multiple wellness activities.
Conscient director Rajesh Jain said the changing lifestyles and work-from-home trend brought about by the COVID-19 pandemic have made owning a home with modern conveniences more important than ever.
“Elevate is a landmark project for us, redefining lifestyle living with its international design, panoramic views and luxury amenities,” Jain said.
Gurugram-based Conscient deals in luxury residential and commercial properties across India, including land acquisition, development, marketing and management of completed projects.
In addition to the maiden residential project, Hines’s other Gurugram ventures include the One Horizon Center and Atrium Place commercial properties, both under development with Indian real estate giant DLF. Hines also serves as development manager for Altitude, a 20-storey office tower in Bangalore.
In June, the US developer announced its first foray into one of India’s fastest-growing office markets with the construction of a 43 acre (17 hectare) IT park in the city of Pune, east of Mumbai.
In partnership with landowner Goel Ganga Corporation, Hines is developing a site spanning nearly 7 million square feet (650,321 square metres) in the tech-focused Pune suburb of Kharadi, with 2.4 million square feet of office space planned for the first phase.
Founded in 1957, privately held Hines has $160.9 billion in assets under management — including over $1.8 billion in India — and 181 developments currently underway worldwide.