India's largest realty firm DLF today announced the start of construction of its commercial project at Gurgaon in joint venture with leading global real estate developer Hines.
In 2007, DLF and US-based realty firm Hines had announced signing of an memorandum of understanding (MoU) to develop a 15-acre business centre located on Golf Course Road, Gurgaon.
In the project 'One Horizon Center', DLF and Hines would develop a 25-storey commercial building having 8,00,000 square feet of office space and 65,000 square feet of retail space. The completion of the project is scheduled for 2013.
"DLF and Hines have announced their project 'One Horizon Center', which is set to redefine the existing cityscape of Gurgaon, and is designed to be an international-quality office tower with accompanying retail spaces," the company said in a statement.
The construction of One Horizon Center, the first joint venture project by the two companies in India, has reached ground level and is rapidly moving upwards, it added.
The office tower has been designed by award-winning American architect Robert A.M Stern. "One Horizon Center will be Robert A.M. Stern Architects' first development in India".
"Horizon Center is the only high-end commercial complex in DLF City's Phase-V and I am sure One Horizon Center will soon be recognized as the iconic structure in the NCR region," DLF Vice Chairman Rajiv Singh said.
Hines President and CEO Jeffrey C Hines said: "Along with DLF, we are proud to celebrate the start of construction of One Horizon Center. India is an important market for us with huge potential, as we see growing demand among discerning clients".
Stating that the company has invested significant time to study and understand the needs of the market, Hines said: "we are committed to extending our international best practices to this development".
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. It has offices at 108 cities in 17 countries with controlled assets valued at about $ 23.4 billion.