A joint venture between India’s largest property developer DLF Ltd and global real estate firm Hines has secured a construction loan of INR 2,600 crore ($346 million) from HDFC Ltd for an upcoming office project in the Indian city of Gurugram.
Construction will commence soon, and buildings will go operational by 2023. The project will be developed in two phases — 2.55 million square feet will be developed in the first phase while the rest will be developed in the second phase.
DLF and Hines entered into their first joint venture in 2008 to develop One Horizon Center in DLF-5 Gurugram, Haryana, India. They formed a joint venture in March of last year to develop an office project in Gurugram. DLF bought an 11.76-acre land parcel through an e-auction conducted by the Haryana government in February 2018.
