Shapoorji Pallonji Ties Up with Hines for Premium Bangaluru Project
Shapoorji Pallonji Real estate has formed a contract with Hines firm which is a global property investment management. The Realty Developer and the firm has agreed on jointly working on two phases for its premium residential project Parkwest which is going to be in Bangalore. There has been a lot of talks about this project in the Real estate current news. If you also like to keep up to date with the news related to real estate then you can read about it in the following paragraphs. Here you can find various information about the project and its impact on other real estate business.
Investment on this project
The investment in any project is very important and you might be surprised to learn that the Parkwest project will have a total investment of Rs 425 crore. This is a joint partnership in which both companies will invest according to the agreement. The investment made by Hines in this project will be about Rs 318 crore. It means that they will have the majority stake in the agreement for phase 3 and phase 4.
Details about the Parkwest Bengaluru Project
If you like to read Real estate current news then you should get all the details about the new Parkwest project of Hines and Shapoorji Pallonji. The project is based in the Binnypet area of Bangalore. This residential area project will be spread across an area of 46 acres. In this about 4.8 million square ft. the area will be available for sale. The 3rd phase of this project has already been launched in which 0.32 million square ft. the area can be used for sale.
The fourth phase of this project is going to be launched by the end of this year. In the 4th phase, there are about 1.48 million square ft. of the area available. While the first phase of the project has already been completely sold out. And for the second phase The Realty Developer Shapoorji Pallonji has already been signed with. You can read all about this deal on the Real estate current news.
What does the official say about the Partnership?
In order to learn how any deal impacts a company, you need to learn about how the officials of the company feel about it. You can find such information in current updates where you will get the latest news. In an official statement, the Managing Director and Country Head of Hines India Real Estate said, “This partnership strengthens the joint venture between the best development companies of India. The projects also bring the entry of the company into Banglore as this step is taken after a considerable amount of research. This will only increase the impact of the existence of the company in the NCT and Mumbai region.”
The CEO of Shapoorji Pallonji Real Estate, Venkatesh Gopalakrishnan, “This partnership is the right choice as the aim of the company is to partner will global investor which will only improve the residential sectors. There will be an addition of some new product in the residential sector which will help in improving the presence in the Bangalore residential business.” Hines has also been in partnerships with famous companies like DLF, Conscient and Tata housing in Mumbai and NCR region. You can find many other details about the company in the current updates.
Previous Partners of Shapoorji Pallonji Real Estate
Shapoorji Pallonji Real Estate has partnered with Actis, Asian Development Bank, and Internation Finance Corporation in the year 2016. These partnerships were to develop middle-income housing in India which has about four projects in various parts of the country. This project came under the Joyville brand which will handle multiple projects at the same time.
Since the past few years, there is various global investors interest in the real estate of India. With Global investors like Blackstone Group, CPPIB, Qatar Investment Authority, Goldman Sachs and Singapore’s sovereign fund GIC there has been a sudden improvement in the real estate market. Many companies have realized the potential of Indian Market and which is the reason why you might find so many companies forming a partnership with Indian companies. If you want to learn more about these partnerships then you can check current updates.
In the last few years, there has been a lot of change in the rules and regulations regarding real estate. There are various new acts implemented by the government which prevents any frauds. That is why so many global investors are leading towards India for a better investment opportunity.