Hines and Sumitomo Launch Luxury Condo Project in Mumbai's Powai
US-based Hines and Japan's Sumitomo Corp. have formed a joint venture to develop a luxury condominium project in Mumbai's high-value Powai locality. This marks Hines' entry into the Mumbai residential market.
Mumbai PropertyLuxury CondominiumHinesSumitomoPowaiReal Estate MumbaiJun 05, 2025
In India, this project marks Hines' entry into the Mumbai residential market as a developer, according to Amit Diwan, senior managing director and head of India at Hines. The project, which will be developed in suburban Mumbai's Powai locality, is yet to be launched. Hines is the developer and equity investor in the project and manages day-to-day development activities in collaboration with Sumitomo, which is also an equity investor.
The Powai residential project is a 3.4-acre lake-facing gated community, with six 20-storey towers comprising 321 units. Hines didn't disclose the investment in the project. Besides the new Powai and Kalina projects, Hines also has an ongoing 1 million sq. ft office and retail development in suburban Mumbai's Borivali area.
Powai is a premium residential location known for its commercial office supply. The most prominent development in the suburb is Hiranandani Group's flagship integrated township, Hiranandani Gardens. In 2017, the developer sold its offices and retail space in Powai to Brookfield Asset Management for around $1 billion in one of the largest commercial realty deals in the sector.
Powai has established itself as an institutional-grade micro market within the Mumbai Metropolitan Region. With a thriving tenant mix across IT, banking and financial services, and emerging tech, steady rental yields, and limited new supply, it offers long-term value visibility for both domestic and offshore investors, according to Nishant Kabra, head–Land & Capital Markets (North and West) India, JLL.
Developers view Powai as a rare urban precinct that offers both scale and sustained demand. Its evolution into a mixed-use hub is driven by integrated planning, premium developments, and strong occupier traction, Kabra added. Since establishing its presence in India in 2006, Hines has expanded its portfolio to 13 live projects across the office and residential sectors, in addition to completed or exited projects. It now operates in Delhi-National Capital Region (NCR), Mumbai, Bengaluru, Pune, and Ahmedabad.
Frequently Asked Questions
What is the significance of the joint venture between Hines and Sumitomo in Mumbai?
The joint venture marks Hines' entry into the Mumbai residential market as a developer, focusing on a luxury condominium project in the high-value Powai locality.
Where is the new luxury condominium project being developed?
The project is being developed in suburban Mumbai's Powai locality, a premium residential area known for its commercial office supply.
What are the key features of the Powai residential project?
The project is a 3.4-acre lake-facing gated community with six 20-storey towers comprising 321 units.
What other projects is Hines involved in within the Mumbai region?
Hines is also developing an office project in Kalina and has an ongoing 1 million sq. ft office and retail development in suburban Mumbai's Borivali area.
Why is Powai considered a valuable location for real estate development?
Powai is a premium residential location with a thriving tenant mix across IT, banking, and financial services, steady rental yields, and limited new supply, making it attractive for both domestic and offshore investors.
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