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Yash Gupta resigns from Hines, to set up own real estate venture

Hines India was set up in 2006 and has two commercial office projects in Gurgaon—One Horizon Centre and Skyview Corporate Park.

Eleven years after setting up the India operations of Hines, an international real estate investment and management firm with $100 billion of assets under management (AUM), Yash Gupta has resigned from the firm and plans to turn entrepreneur.

Gupta was senior managing director and country head for Hines India Ltd, which has AUM of $470 million and has invested in both commercial office and residential projects in the country.

In an emailed response, a Hines India spokesperson said Gupta had decided to step down from his role in the company to return to entrepreneurial pursuits.“All activities of Hines India continue to be overseen by its Operating Board,” the spokesperson said.

Hines India was set up in 2006 and has two commercial office projects in Gurgaon—One Horizon Centre and Skyview Corporate Park. The first project, spread across 11 acres, has been developed in partnership with DLF Ltd.

In 2014, the India arm announced the launch of Hines India Residential Fund with plans to invest about $250 million in residential projects across cities. The first investment from the residential fund was made last year, when Hines India entered into a joint venture with realty firm IREO Management Pvt. Ltd for a 10-acre land parcel within IREO City on Golf Course Extension Road in Gurgaon.

“Yash Gupta plans to do something in the real estate development space, probably with a foreign partner. The firm is currently looking out for someone to head India operations,” said a senior property consultant, who didn’t wish to be named.

Earlier this year, Anuj Puri, former chairman and country head of property advisory JLL India, resigned from the firm to set up Anarock Property Consultants. The new firm’s real estate investment and fund platform will invest Rs300 crore in residential real estate projects. Puri also bought out JLL’s residential brokerage business. He is planning to raise $300 million from offshore investors to invest in property.

“…Today, Hines has become a comfortable family for me. But I also realise that greatest growth and learning takes place outside one’s comfort zone—if one has the courage to make big changes. For this I have decided to re-pursue my entrepreneurial ambitions. As I roll-out my venture in real estate investment, development and technology, I would like to thank Hines and each one of you who have helped me learn, perform and succeed. Though I will continue to advise Hines India over the next year, I do hope I will have the good fortune of us partnering in my new ventures as well,” Yash Gupta said.

[“Source-timesofindia”]