Adventz group partners with Hines, others to build 10-acre project in North Delhi

New Delhi, Jan 31 (PTI) Adventz Group firm Texmaco Infrastructure and Holdings Ltd has partnered with US-based realty firm Hines, Conscient and HDFC Capital to develop a 10-acre housing-cum-retail project on the site of Birla Cotton Mills at Kamla Nagar in the national capital, with an estimated revenue of around Rs 9,000 crore.

All the partners will jointly develop 30 lakh square feet of housing and retail space on this land parcel, owned by Saroj Kumar Poddar-led Adventz Group firm Texmaco Infrastructure and Holdings.

"This landmark development, covering approximately 10-acre, will feature around three million square feet of modern condominium residences and premium retail spaces, setting new benchmarks in urban living and commercial infrastructure," according to a joint statement.

The investment to develop the mixed-use project and the total revenue potential were not disclosed.

The joint development agreement was facilitated by real estate consultant Cushman & Wakefield.

Akshay Poddar, chairman of Texmaco Infrastructure and Holdings, said the company had a century-long legacy of excellence and community development.

"This land parcel, owned by our group for over 100 years, required the right development partners to realise its full potential. Hines and Conscient bring a unique combination of global expertise and deep local market knowledge, making this an ideal collaboration," he said.

All the partners are committed to delivering a world-class development that honours Delhi's heritage, he added.

Hines' India country head Amit Diwan said the company had partnered with Adventz Group to enter the Delhi residential market.

"This is also our first joint investment with HDFC Capital. This project provides a platform for us to leverage our global development expertise to address the shortage of modern residential options in one of the city's most sought-after locations," Diwan said.

The project will also address the serious lack of Grade A retail space in the region, he added.

HDFC Capital MD and CEO Vipul Roongta said, "We are delighted to join hands with Hines and Conscient on this landmark project in Delhi which reaffirms our commitment and focus on delivering lasting value to both customers and communities." Saurabh Shatdal, Managing Director, Capital Markets and Head-Retail India, Cushman & Wakefield said, Delhi has seen a limited supply of premium Grade A residential projects in recent years, making this collaboration a potential game-changer.

"With an estimated development value of Rs 8,000–9,000 crore, this project is set to redefine the market by introducing a landmark, bespoke development," Shatdal said.

Adventz Group is a diversified conglomerate comprising renowned companies such as Texmaco Rail and Engineering Ltd, Texmaco Infrastructure and Holdings, Zuari Industries, Paradeep Phosphates and Mangalore Chemicals and Fertilisers Ltd.

With a presence in key sectors such as fertilisers, engineering, infrastructure, real estate, and consumer durables, Adventz Group is a USD 3 billion enterprise with a nationwide footprint, nine major manufacturing units.

Hines is a leading global real estate investment manager. It owns and operates assets worth USD 93 billion across property types and on behalf of a diverse group of institutional and private wealth clients. It has developed many projects in many Indian cities, including Gurugram.

City-based Conscient Infrastructure Pvt Ltd has delivered more than 12,000 homes across Delhi-NCR, Dehradun, and Goa.

HDFC Capital, a subsidiary of HDFC Bank Ltd, is the real estate private equity arm of the HDFC Group.

In Delhi's real estate market, there is a presence of very few developers, including DLF, TARC Ltd, Parsvnath Deevlopers, Omaxe, Unity Group and Pacific Group. PTI MJH DR