Latest news with #AmitDiwan
Mint
05-06-2025
- Business
- Mint
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. Read more: DLF's Q1 launches to set the tone for FY26 pre-sales trajectory 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. Read more: Close to its Navi Mumbai airport, Adani is building a jumbo township "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.
Yahoo
03-06-2025
- Business
- Yahoo
Kanakia and others partner for office project in India
Indian real-estate developer Kanakia Group has partnered with global entities Hines, Mitsubishi Estate Co (MEC), and Sumitomo to develop a premium office project in the Bandra Kurla Complex (BKC) in Mumbai, a city within the Indian state of Maharashtra. 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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Time of India
30-05-2025
- Business
- Time of India
Kanakia, hines tie up for ₹3,000 crore office project in Mumbai
Mumbai: US-headquartered 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo "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. Live Events 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.
Hindustan Times
30-05-2025
- Business
- Hindustan Times
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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Business Standard
30-05-2025
- Business
- Business Standard
Kanakia, US-based Hines, Japanese firms partner for $1 bn project in Mumbai
Mumbai-based Kanakia Group has entered into a joint venture with Hines, a real estate investment manager in the US, and two Japanese companies for an office project with a gross development value (GDV) estimated to be around $1 billion, according to a source. The consortium will develop a premium office project in Mumbai's Bandra Kurla Complex (BKC), India's costliest office hub, by investing Rs 3,000 crore, said the source. Mitsubishi Estate Co. (MEC) and Sumitomo Corporation are the Japanese partners in the venture. The proposed project will offer 1.5 million square feet (msf) of premium office space with amenities like zones for retail and food and beverages. American architecture firm Kohn Pedersen Fox (KPF) will design the project. '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,' said Rasesh B Kanakia, chairman of Kanakia Group, in a statement. Kanakia has more than 8.6 msf of projects with a GDV of Rs 12,825 crore. The consortium's project is expected to benefit due to its strategic location and connectivity via BKC Connector Road, Santacruz-Chembur Link Road extension, upcoming Mumbai Metro lines, and the Mumbai-Ahmedabad Bullet Train terminus. 'This project marks a significant milestone in our journey in India. It reflects our commitment to deepening our presence in Mumbai and highlights our strategic partnerships with MEC and Sumitomo. Hines and Kanakia teams have worked on this project jointly for over a year already, and the project is progressing very well,' said Amit Diwan, senior managing director and India head at Hines. '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. 'This project is an excellent addition to our India portfolio, and we look forward to delivering the highest quality development that Hines is known for.' Hines has assets worth $90.1 billion under management as of December 31, 2024, with a portfolio of 108 msf across 30 countries. Sumitomo entered the Indian real estate market in 2016 by participating in a high-grade apartment development project, Krisumi City, in Gurugram. Mitsubishi expanded its business to India in 2023 with a business park development in Chennai. JLL is the transaction advisor for the consortium's deal. BKC has offices of multinational and Indian companies. As of December 2024, the area's weighted average quoted rents ranged from Rs 250 to Rs 400 per sq ft per month. However, it has also seen deals with a monthly per sq ft rent of over Rs 800 (Tesla and BNP Paribas).
