Kanakia and others partner for office project in India
Kanakia Group, as the land partner, will collaborate with US-based real-estate investment manager Hines, as well as Japanese conglomerates MEC and Sumitomo, serving as the institutional investor and the development partner, respectively.
The joint venture (JV) is set to capitalise on the companies' collective global experience in real estate, aiming to enhance Mumbai's landscape with a new commercial epicentre.
The partnership aligns with Kanakia Group's strategic shift towards an asset-light model, which has enabled the company to reduce its debt to below Rs10bn ($116.9m).
The JV's office project spans a three-acre land parcel and is set to deliver 1.5 million square feet of premium office space.
The development, designed by US architecture company Kohn Pedersen Fox (KPF), is poised to include amenities such as food and beverage (F&B) outlets and retail zones.
This project is set to incorporate sustainability, smart infrastructure, and wellness within the commercial real-estate sector, states Kanakia.
It is targeting certifications such as Leadership in Energy and Environmental Design, WELL, WiredScore, and SmartScore.
Kanakia Group chair Rasesh B Kanakia said: '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.'
Hines senior managing director and India head Amit Diwan said: 'This project is a collaboration with Kanakia Group, a highly experienced real-estate player in Mumbai, who 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.'
The site's location offers connectivity, with access to the BKC Connector Road, Santacruz–Chembur Link Road extension, upcoming Mumbai Metro lines, and the Mumbai-Ahmedabad Bullet Train terminus.
Kanakia Group has delivered over 15 million square feet across different sectors. Its diversified portfolio includes residential projects, commercial developments, shopping centres, hotels, schools, and cinemas.
At present, the company has more than 8.6 million square feet of projects in the pipeline, with a gross development value of Rs128.25bn.
"Kanakia and others partner for office project in India" was originally created and published by World Construction Network, a GlobalData owned brand.
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