The property is proposed to have a commercial real estate development potential of more than 3 million sq ft along Bengaluru’s Sarjapur Road.
The valuation will depend on the final closure of the deal and is expected to be more than ₹3,000 crore, they said.
“The deal is under due diligence and is expected to close in the coming quarter. Hines will put in the capital in the second phase only. There are some portions of land that need to be aggregated too,” said one of the people. Under the forward purchase agreement, both funds are looking to acquire the ownership of the 26-acre land in advance, with Hines investing in the second phase of the development.