US-based international real estate firm Hines has entered into a long-term strategic partnership with realty developer Goel Ganga Corporation to develop a large IT park in Pune’s Kharadi locality in Maharashtra.

The entire seven million sq ft office space development will be spread over 43 acre land parcel. Phase-I of the project will be spread over 2.4 million sq ft.

Hines, which oversees a portfolio of assets under management valued at around USD 161 billion, will be foraying into the Pune office property market with this partnership.

The first phase of the project is expected to be completed in four-five years, while the entire project is estimated to be developed in 10 years.

The Pune-based developer will handle approvals and financial closure, while Hines will be responsible for master plan, design, construction, asset management of the project.

The land parcel is located in SBD East sub-market of Pune that has more than 50 percent stock of total Grade-A office in the city and is amongst the lowest vacancy rates.