Leading real estate developer Conscient Infrastructure has recently entered into Joint Venture (JV) with Global investment firm Hines to develop a premium Residential project in Gurgaon. The project ‘Elevate’ which will be located in Golf Course Extension Road, Sector 59 will be developed at an overall expenditure of Rs 2000 crore. Of which, Hines has already put Rs 500 crore equity funds into the JV.
The luxury residential housing project will be developed on the land owned by IREO. The construction work on the project will start in July and the units will be launched for sale in August.
While Hines will be Investment manager for the project, Conscient will look after the construction work wholly and solely. The price of the units ranges between Rs 2.2 crore to Rs 4 crore.
‘Elevate’ will be offering 3 and 4 BHK spacious residences in various size and configuration ranging between 2,100 sqft to 3,400 sqft. The project will be designed by Spanish architect Ricardo E Bofill.
Speaking on the JV, Rajesh Jain, Director, Conscient Infrastructure said, “With this project, we will be going to continue our decades-long legacy of providing better homes to our customers. We believe in on-time delivery of projects, offering high-quality products with reliability.”
Alex Felez Buchholz, Managing Director-development, Hines India said, “Through this JV, we are nor foraying into the residential real estate market of the Gurugram. The IT city today has a presence of lots of premium projects. For ‘Elevate’ we have done extensive customer research and market study and thus believe that it will definitely meet the expectations of our clients who expressed a need for an international-standard premium residential community in NCR.”
Recently, Hines has also entered into an agreement with another leading realty developer Shapoorji Pallonji to develop a premium project ‘Parkwest’ in Bengaluru. It has also entered into Joint Venture with DLF and TATA to develop a commercial and residential project in Gurgaon and Mumbai.