US-based real estate firm Hines and local company Conscient Infrastructure have launched the second phase of Elevate, a residential development project in India.
Overall, Elevate Phase II will entail an investment of around $94.26m (Rs7bn).
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The move comes nearly two years after the launch of the first phase of the project. According to Hines, Elevate Phase I was a ‘success’ and recorded sales of more than $121.19m (Rs9bn).
Notably, Hines and Conscient formed a joint venture (JV) in June 2019 to develop Elevate in Sector 59 of Gurgaon near the capital of New Delhi.
Overall, the project will include 556 for-sale apartments.
Conscient Infrastructure is developing the project, while Hines is serving as the investment manager and advisor.
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By GlobalDataElevate Phase II will include 248 apartments.
Conscient Infrastructure director Rajesh Jain said: “Elevate is a landmark project for us, redefining lifestyle living with its international design, panoramic views and luxury amenities.
“The customer response to the project has been very positive and we have exceeded our sales target for Phase I. The rapidly changing lifestyles and work from home brought about by the pandemic have made owning a home with all modern amenities more important than ever.”
Hines India country head and managing director Amit Diwan said: “The enthusiastic response to phase I of Elevate reiterates our belief that customers in India are seeking international standard residential projects.
“Elevate aims to offer not just ‘comfortable homes’ but a ‘complete lifestyle’ to our buyers. The apartments have been designed to meet all the aspects of our customers’ needs, be it aesthetics, luxury, comfort or convenience.”
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Elevate Phase II will include 248 apartments. Credit: Hines.
