Kanakia, hines tie up for ₹3,000 crore office project in Mumbai
real estate investment
manager
Hines
and Mumbai-based property developer
Kanakia Group
have entered into an alliance to develop a commercial office project on a 3-acre land parcel near
Bandra-Kurla Complex
(BKC) with a total investment of around ₹3,000 crore. The alliance has further partnered with Japanese conglomerate
Sumitomo Corporation
and real estate firm Mitsubishi Estate for the development spanning 1.5 million sq ft premium office spaces.
Of the total investment, the equity investment will be about ₹1,025 crore. "This project marks a significant milestone in our journey in India," said Amit Diwan, senior managing director and head of India at Hines. "It reflects our commitment to deepening our presence in Mumbai and highlights our strategic partnerships with MEC and Sumitomo."
As per the terms of the joint development agreement, landowner Kanakia Group will be responsible for the approvals, while the investment will be made by Hines and the Japanese entities. In addition to their investment, Hines, Sumitomo and Mitsubishi Estate will execute the development.
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"This formation of this alliance with Hines, Mitsubishi and Sumitomo has allowed us to deleverage our balance sheet in a significant manner. The approvals for the project have already been secured and we expect the development to be completed by the end of 2028," said Rasesh B Kanakia, chairman, Kanakia Group.
The project, comprising 12 upper floors and seven basements in Mumbai's business district, will see Mitsubishi holding a 50% stake in the development, marking its maiden project in the city and fifth in India. Diwan, Kanakia and property consultant JLL India, which acted as the advisor for the transaction, declined to comment on the project's investment specifics.
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The project is located on a corner site facing the Santacruz-Chembur Link Road and a connecting road to the BKC district. "Given India's strong demographic tailwinds, along with the right fundamentals and market conditions, we've been seeing more investor interest in the country and continued demand for our office and residential projects," said Diwan.
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