Kanakia Group Joins Forces with Hines, Mitsubishi Estate, and Sumitomo for Premium Office Complex in Mumbai
MUMBAI, May 30: Realty firm Kanakia Group has announced a strategic joint venture with US-based Hines, and two prominent Japanese conglomerates, Mitsubishi Estate Co Ltd. (MEC) and Sumitomo Corporation, to develop a premium office complex in Bandra Kurla Complex (BKC), Mumbai.
In a statement released on Friday, Kanakia Group disclosed that the joint venture will focus on the development of a premium office project spanning 1.5 million square feet. The project, located on a 3-acre land parcel, will feature state-of-the-art office space integrated with various amenities, including food and beverage (F&B) and retail zones.
Kanakia Group, which owns the land, will collaborate with Hines, MEC, and Sumitomo as institutional investors and development partners. Rasesh B Kanakia, Chairman of Kanakia Group, expressed his confidence in the partnership, stating, “This site holds special significance for us, and we are confident that Hines will bring a world-class product that will set new standards in India.”
Kanakia Group has a strong track record in real estate development, having completed over 15 million square feet of projects across residential, commercial, education, entertainment, and industrial sectors. The company currently has over 8.6 million square feet of upcoming projects with a Gross Development Value of Rs 12,825 crore.
Amit Diwan, Senior Managing Director and Head of India at Hines, highlighted the significance of the project, saying, “This project marks a significant milestone in our journey in India. It reflects our commitment to deepening our presence in Mumbai and highlights our strategic partnerships with MEC and Sumitomo. This project is a collaboration with Kanakia Group, who brings significant local knowledge and expertise that we greatly value.”
Hines is a leading global real estate investment manager, owning and operating USD 90.1 billion of assets across various property types and on behalf of a diverse group of institutional and private wealth clients. In India, Hines has developed numerous premium office and residential projects in major cities, further solidifying its reputation in the real estate sector.
The partnership between Kanakia Group, Hines, MEC, and Sumitomo is expected to set new benchmarks in the development of premium office spaces in Mumbai, contributing to the city’s growing skyline and economic landscape.
