Global real estate giant Hines has joined hands with Pioneer Group to develop a massive 1.25 million sq ft office space project on Golf Course Extension Road in Gurugram, according to insiders familiar with the agreement.
The project is estimated to cost around Rs 1,500 crore and is scheduled to be completed by 2028.
This partnership highlights Hines’s strategy to grow its presence in India’s commercial and residential real estate market, which is a key focus area for the company worldwide.
The office space, part of a larger mixed-use masterplan by Pioneer Urban, will cover just over 3 acres and include amenity retail. Hines, already involved in other projects in Gurugram with DLF and Conscient Group, is expected to deliver top-notch development, leveraging its extensive experience in executing large-scale real estate projects globally and in India.
CBRE facilitated the transaction, although the real estate consultancy did not respond to requests for comment.
Pioneer Group’s Managing Director, Manish Periwal, expressed confidence in Hines’s ability to deliver a world-class development, citing their track record of executing similar projects.
Hines, with operations in 384 cities across 30 countries, manages assets worth $92.3 billion and provides property-level services for assets totaling $109 million square feet.
Amit Diwan, Hines’s Country Head for India, emphasized their commitment to quality development and their vision to create a mixed-use office building that caters to both multinational and Indian occupiers.
India remains a key strategic focus for Hines, with plans to invest in and develop more projects over the next decade. Currently, the company is working on or planning 12 million sq ft of projects, with additional expansions in the pipeline.
Hines has offices in major Indian cities like Gurgaon, Mumbai, Bangalore, Pune, and Ahmedabad, focusing mainly on commercial properties such as offices and residential spaces.
