Kanakia Group partners with Hines, Mitsubishi, and Sumitomo for 1.5 million sq ft premium office project in Mumbai's BKC
Mumbai-based real estate developer, Kanakia Group and Hines, a global real estate investment manager, have partnered with two Japanese conglomerates, Mitsubishi Estate Co Ltd and Sumitomo Corporation to develop a commercial project near India's costliest business district Bandra Kurla Complex.
According to the statement, the commercial office space 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).
According to the statement, 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.
Also Read: Mumbai Real Estate: Top 4 land deals worth nearly ₹5,000 crore closed in BKC, India's costliest commercial district
According to the company statement, 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, the statement said.
Also Read: Real estate developers acquire 2,335 acres for ₹40,000 crore in 2024; Tier 1 cities hold 72%, Tier 2 cities 28% share
'We are delighted to partner with Hines, MEC, and Sumitomo on this prestigious trophy office project in the heart of Mumbai. 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," Rasesh B. Kanakia, chairman, Kanakia Group, said.
"This project marks a significant milestone in our journey in India,' said Amit Diwan, senior managing director and head of India at Hines.
Also Read: Mumbai Metro Line 3 inauguration: How the BKC-Worli Link is set to boost the city's real estate market
'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.
'Given India's strong demographic tailwinds, along with the right fundamentals and market conditions, we have been seeing more investor interest in the country and continued demand for office and residential,' it said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
27 minutes ago
- Hindustan Times
‘Peter Thiel now owns Trump': New claims emerge amid Palantir's ImmigrationOS
Concerns are mounting in Washington and beyond as new social media claims suggest billionaire Peter Thiel may wield huge influence over former President Donald Trump, especially after announcing Palantir's ImmigrationOS. 'The One Man Who Holds Sway Over President Trump: Peter Thiel,' one X user posted. The New York Times reported that the Trump administration has tapped Palantir to carry out an executive order signed in March, which instructs federal agencies to share personal data on Americans. Since the order, the administration's public communication has been notably sparse. ALSO READ| Donald Trump's phone lock screen photo was leaked; netizens spot uncanny 9/11 link Palantir, founded by Thiel, has been granted over $113 million in federal contracts since Trump took office. Just last week, the company won a $795 million deal with the Department of Defence. Palantir is reportedly in talks with the Social Security Administration, the IRS, and several other government agencies to expand the use of its Foundry platform, an advanced data integration and analysis tool already deployed at the Department of Homeland Security, the Department of Health and Human Services, and elsewhere. Following Elon Musk's so-called Department of Government Efficiency's (DOGE) targeted data from agencies like the IRS, Medicare, and Selective Service, Thiel's influence here is impossible to miss. 'Essentially, you have one man, Peter Thiel, who could literally control the President; something Peter Thiel will never hear is, 'No,'' the X user added. Privacy groups, student unions, and labour organisations have taken legal action against this surveillance push. ALSO READ| Did Trump just mock France's Macron by offering marital advise after viral slap incident? Netizens say 'hillarious' 'These transnational organisations' ongoing campaigns of violence and terror in the United States and internationally are extraordinarily violent, vicious, and similarly threaten the American people,' ICE officials wrote in their justification for awarding Palantir a no-bid contract. 'Palantir has deep institutional knowledge of ICE operations.' The company stated it is 'already ingesting and processing data' across various agencies and is uniquely positioned to develop a prototype 'in less than six months.'
Time of India
29 minutes ago
- Time of India
File FIR against power station related to land mortgage in Kabini: MLA
Mysuru: HD Kote MLA Anil Chikkamadu instructed officials to file an FIR against Kabini Subhash Power Station in connection with allegations of obtaining loans by mortgaging govt land in Kabini. The issue was discussed in a Karnataka Development Programmes review meeting held in HD Kote, concerning accusations that the Kolkata-based Subhash Power Station Corporation Limited attempted to illegally acquire govt land within the Kabini reservoir. Following complaints of public outcry about the misuse of govt land from the public and people from various quarters of society, the MLA directed Saragur tahsildar Mohankumari and officials concerned with Cauvery Neeravari Nigam Limited to look into such complaints. Even though state govt permitted the company to set up the power corporation after providing it land on a 30-year lease, the company is accused of transferring 13 acres into its name. It also obtained necessary khatas, RTCs, and fraudulently borrowed loans from several nationalised and private sector banks. Speaking to TOI, social activist Doreswamy, a retired police officer, accused the previous tahsildar and other revenue department officers of Saragur taluk of allegedly transferring 13 acres belonging to the state irrigation department to this company. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click Here - This Might Save You From Losing Money Expertinspector Click Here Undo They also issued khata, RTC, and other land records. He demanded state govt and irrigation department order a detailed probe into these allegations. Previous Saragur revenue department officials, including the tahsildar, transferred 13 acres of govt land bearing registration numbers 160, 161, and 162 to this company. Doreswamy said he would continue the legal battle over the issue. Executive engineer of Kabini reservoir, Beechanahalli, Chandarashekhar, said he would verify this complaint and initiate action after discussing the issue with his higher-ups. Senior manager of Subhash Power Station Corporation Limited V Senthilkumar denied such allegations levelled against the company and said they are ready for investigation as they did not commit any wrongdoing. They haven't obtained any loans after mortgaging property belonging to the state irrigation department. The company has also written letters to the state revenue department, local tahsildar, and even irrigation department officials of Kabini reservoir to rectify the error if the company's name is mentioned in RTCs and other land records.
Hindustan Times
an hour ago
- Hindustan Times
Donald Trump to announce replacement of NASA administrator nominee: White House
The White House said it would name a new nominee for NASA administrator, just days before billionaire Jared Isaacman, the current pick, was to face his planned Senate confirmation vote. 'It's essential that the next leader of NASA is in complete alignment with President Trump's America First agenda and a replacement will be announced directly by President Trump soon,' White House spokesperson Liz Huston said. It wasn't immediately clear why President Donald Trump was dropping the nomination of Isaacman, who had already been approved by the Senate Commerce Committee. Isaacman is the chief executive officer of Shift4 Payments. The company processes payments for restaurants, resorts, hotels, casinos and stadiums. Starlink, Elon Musk's satellite internet provider, is also a customer. Isaacman has spent an undisclosed sum of his own money on two SpaceX missions, while Shift4 Payments has provided SpaceX with $27.5 million in funding. During his confirmation hearing, Isaacman made the case that the National Aeronautics and Space Administration can pursue missions to both the moon and Mars 'in parallel', walking a political tightrope between the desires of Congress and the administration. 'The administrator of NASA will help lead humanity into space and execute President Trump's bold mission of planting the American flag on the planet Mars,' Huston said.
