Realty Giants DLF and US-based Hines will invest around Rs 1,300 crore to construct the first phase of a premium commercial project, largely office space, in Gurugram, a senior company official said. The construction of this project, comprising 2.55 million sq ft area in the first phase, has started, Managing Director of DLF Rental Business Sriram Khattar said.

DLF and Hines had formed a joint venture in March last year to develop this project on a 11.76 acre land parcel bought by DLF in 2018 for nearly Rs 1,500 crore through an e-auction conducted by the Haryana government. In March last year, DLF sold 33 percent stake in this commercial project to Hines for around Rs 650 crore.

 "The estimated cost of construction for the first phase is around Rs 1,300 crore," Khattar told PTI. The DLF-Hines JV had in August secured a construction loan of Rs 2,600 crore from HDFC Ltd for the development of first phase, which is targeted to be completed in stages in 2023-24. "This marquee project will set new benchmarks in areas of safety, wellness, sustainability, which is the core of our philosophy to provide the best in class sustainable workspace solutions,” it said.

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