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.
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