Texmaco, Hines, Conscient, HDFC Partner for Delhi Realty Project

New Delhi, Jan 30 (PTI) Adventz Group firm Texmaco Infrastructure and Holdings Limited has partnered with US-based realty firm Hines, HDFC Capital, and Conscient to develop a 10-acre mixed-use project on the site of the former Birla Cotton Mills in Delhi's Kamla Nagar.

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 acres, 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.

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.

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."

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.

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

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 Private Limited has delivered more than 12,000 homes across Delhi-NCR, Dehradun, and Goa.

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