Global firms Hines, Sumitomo form joint venture for Mumbai luxury condo project
Bengaluru: US-based global developer and investment manager Hines and Japan's Sumitomo Corp. have entered into a joint venture for a luxury condominium project in the high-value Mumbai property market.
In India, this project marks Hines' entry into the Mumbai residential market as a developer, Amit Diwan, senior managing director and head of India at Hines, said.
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.
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Hines expands Mumbai footprint
Last week, Hines and Kanakia Group said they have struck an alliance to develop an office project on a 3-acre land parcel near the business district Bandra Kurla Complex (BKC) with a total investment of around ₹3,000 crore. Sumitomo and Japanese real estate firm Mitsubishi Estate Co. Ltd are also partners in the project. Hines is the lead developer and equity investor along with the two Japanese entities, while Kanakia is the land partner.
'The living sector is a high-conviction theme for Hines globally. In Powai, we will bring international-standard homes in a well-established yet supply-constrained micro-market. This development reflects our long-term commitment to Mumbai and our ambition to grow via investments and developments across India," Diwani told Mint.
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.
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"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," 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.
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