Hines and Conscient to Develop Luxury Residential Project
Hines, the international real estate firm, and Conscient Infrastructure Pvt. Ltd., a trusted name in the real estate industry in India, have commenced work on developing the premium residential project, Elevate, in Gurgaon. The residential project, with an estimated value of INR 2000 Cr., is Hines’s first residential venture in India. Conveniently located in an exclusive enclave in Golf Course Extn. Road, in Sector 59, Elevate is a thoughtfully designed, differentiated, high-quality, residential development option for the customers, priced at INR 2.2 – 4.0 cr. ticket size. The project houses 556 for-sale apartments with equivalent saleable area sizes ranging from approximately 2,100 square feet to 3,400 square feet. Conscient Infrastructure will be the developer for the project while Hines will be investment manager and advisor. This project has been designed keeping the end users in mind and long-term investors who continue to see merit and value in quality real estate as an asset class. This segment of customers respond to good investment opportunities and is largely immune to market fluctuations. Designed by the famous architect from Barcelona, Mr. Ricardo E Bofill, Principal Chief Designer, RBTA, the apartment units comprise of 3BHK, 3BHK + Powder, 3BHK + Study and 4BHK. The unique aspect of the project is its differentiating features and the eye for detail with which the project is designed to give complete peace of mind to every customer. Alex Felez Buchholz, managing director-development for Hines India said, “Having earlier built One Horizon Center on Golf Course Road through this significant JV, we now foray into residential real estate in India. With our international expertise and customer-focused approach and Conscient’s understanding of the local markets, we have designed a project based on extensive customer research and market study. We believe the project meets the expectations of our clients who expressed a need for an international-standard premium residential community.” Rajesh Jain, director, Conscient said, “Through this project, we aim to continue our decades-long legacy of providing better homes through well thought out spaces to discerning consumers. At Conscient, we have always believed in on-time delivery, offering high quality products and reliability. This significant partnership with Hines will help us set new standards in quality residential project and customer satisfaction thus benchmarking us to the international best practices. Our JV promises to bring international design and quality matched to the requirements of the India customers.” PrachishVasudeva, senior director and business head, (residential) commented, “The residential real estate industry in India has been in a state of flux for several years with customers having a trust deficit with some local developers. On the other hand, foreign players had been reluctant to enter the industry in the past, but now have RERA, Demonetization, Benami Property Act, and GST reforms in place to ensure a fair, transparent and level playing field. We believe that Elevate will appeal to both end-users, and long-term investors who believe in Gurgaon’s long-term potential like us.” Hines started operations in India in 2006 by bringing true world-class development, management and investment into the country. With the help of world-renown architects, such as Robert A.M. Stern, Hines India has merged modern design with the highest standard of materials and construction to create award-winning properties.
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