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Mumbai-based Kanakia Group has entered into a strategic joint venture with US-headquartered Hines and Japanese conglomerates Mitsubishi Estate and Sumitomo Corporation to develop a premium 1.5 million sq ft office complex at Bandra Kurla Complex (BKC), Mumbai. This collaboration will see Kanakia provide the land parcel, while Hines, MEC, and Sumitomo step in as institutional investors and development partners. The project, spread over 3 acres, is set to feature not only office spaces but also F&B and retail elements. This marks a major milestone in Hines' expansion in India and strengthens its long-term strategic presence in Mumbai.
Real estate developer Kanakia Group has collaborated with US-based Hines and Japanese powerhouses Mitsubishi Estate Co. Ltd. (MEC) and Sumitomo Corporation to create a top-tier office development in Bandra Kurla Complex (BKC) in Mumbai. The announcement was made earlier this week through a formal statement issued by the company. Advertisement
The joint venture will focus on constructing a high-end office hub spread across a 3-acre plot owned by Kanakia. The project will feature approximately 15 lakh square feet of office space, coupled with integrated facilities such as food and beverage outlets and retail zones. Hines, MEC, and Sumitomo have come onboard as institutional investors and co-development partners.
Rasesh B Kanakia, Chairman of Kanakia Group, expressed that the land parcel held deep importance for the company. He conveyed his confidence in Hines' capability to deliver a world-class project that would redefine benchmarks within the Indian commercial real estate segment. He also hinted at the group's intention to pursue similar collaborative ventures in the future to promote sustainable value generation.
Amit Diwan, Senior Managing Director and Head of India at Hines, reflected on the significance of the project for their Indian portfolio. He remarked that the development represents a crucial leap in Hines' continued commitment to Mumbai. He noted that their partnerships with MEC and Sumitomo were a strategic fit, and that Kanakia's local expertise added substantial value to the collaboration.
Over the years, Kanakia Group has developed more than 15 million square feet across sectors such as residential, commercial, education, entertainment, and industrial spaces. The group is also currently managing projects totalling over 8.6 million square feet, with a gross development value estimated at INR 12,825 crore.
Hines, globally recognised as a real estate investment management firm, currently oversees assets worth approximately USD 90.1 billion. The company has a significant presence in India, having delivered several high-end office and residential developments across major cities.
As urban infrastructure and premium office demand continue to rise, such collaborations represent the growing importance of cross-border expertise and investment in shaping India's future workspaces. With a blend of local insights and global best practices, this project could well set a new benchmark for corporate infrastructure in the city.
Source - PTI
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