Kanakia Group Teams Up with Hines, Mitsubishi, and Sumitomo for Premium Office Space in Mumbai

Mumbai-based real estate developer, Kanakia Group, has entered into a strategic partnership with Hines, a global real estate investment manager, and two Japanese conglomerates, Mitsubishi Estate Co Ltd and Sumitomo Corporation, to develop a premium commercial project near India’s costliest business district, the Bandra Kurla Complex (BKC).

According to the statement, the project is spread across a prime 3-acre land parcel. The proposed development will offer 1.5 million sq ft of office space. The project is being designed by the renowned American architecture firm Kohn Pedersen Fox (KPF).

The partnership brings together Kanakia Group as the land partner and Hines, MEC, and Sumitomo as institutional investors and development partners, leveraging their global expertise in real estate and infrastructure to create a commercial hub in one of Mumbai’s most strategically connected locations.

Kanakia Group’s broader strategy is to shift towards an asset-light model and significantly reduce its debt to below ₹1,000 crore. Currently, Kanakia Group has over 8.6 million sq ft of upcoming projects with a Gross Development Value (GDV) of ₹12,825 crore.

Rasesh B. Kanakia, chairman of Kanakia Group, expressed his delight in partnering with Hines, MEC, and Sumitomo on this prestigious trophy office project. “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. We will continue to explore similar partnerships in the future to drive sustainable value creation,” he said.

Amit Diwan, senior managing director and head of India at Hines, emphasized the significance of the project. “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 with Kanakia Group in Mumbai, which brings significant local knowledge and expertise that we greatly value. Hines and Kanakia teams have worked on this project jointly for over a year already, and the project is progressing very well,” Diwan said.

The project is expected to benefit from India’s strong demographic tailwinds, along with the right fundamentals and market conditions. There has been increased investor interest in the country, particularly in the office and residential sectors, driven by the growing demand for high-quality commercial spaces in strategic locations like BKC.

The Bandra Kurla Complex, known for its prime real estate and strategic connectivity, is one of the most sought-after business districts in Mumbai. The development of this premium office space is expected to further enhance the area’s appeal and attract major corporate tenants.