Shapoorji Pallonji combines Hines's landmark project in Bangalore

Read Time:1 Minute, 29 Second

Real estate developer Shapoorji Pallonji Real Estate has signed an agreement to jointly develop two phases of its Shapoorji Pallonj Premium Residential Parkwest Project in Bangalore along with Global Property Investment Management firm Hines. Under the agreement, the subsidiary of Shapoorji Pallonji Group will pay Rs 318 crores to Relationship Properties for a majority stake in Phase 3 and Phase 4 of the Hynes Project.
For the development of these new steps, the total investment of Joint Venture partners will be around Rs 425 million.
The residential project is spread over an area of about 46 acres in the Binnepet area in Bangalore and its total area is approximately 4.8 million square feet. Out of this, phase 3 of the project, which has already been launched, has an open space of about 0.32 million square feet. While in the fourth phase, which will be launched this year, the area is 1.48 million feet. category. The first phase of the project has already ended, while the second phase is being run independently by Shapoorji Pallonji Real Estate.

“This strategic partnership is in line with our theme of joint ventures with the best development companies in India. Amit Diwan, Managing Director and Country Head, Hins India Real Estate said, “This project marks Shapoorji Pallonj our entry in Bangalore, besides a complete search, and besides our presence in NCR and Mumbai.” To develop real estate in the NCR and Mumbai Real Estate market, Hynes has already shared partnership with developers like DLF, Tata Housing, and Consent Group. To develop real estate in the real estate market of NCR and Mumbai, Hynes has already partnered with developers like DLF, Tata Housing, and Consent Group.