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Kanakia Group has entered into a significant joint venture with international real estate major Hines and Japanese financial institutions to develop a premium office project in Mumbai's Bandra Kurla Complex (BKC). Valued at INR 12,825 crore, this marquee development is planned across a 4.5-acre plot acquired from the Mumbai Metropolitan Region Development Authority. The collaboration brings together Kanakia's local execution expertise, Hines' global real estate proficiency, and robust Japanese institutional capital. This alliance underscores the growing interest of global investors in India's Grade-A commercial real estate and positions BKC for another round of premium development.
Kanakia Group has partnered with global real estate firm Hines and several prominent Japanese institutional investors for a premium commercial office development in Mumbai's Bandra Kurla Complex (BKC). The project, pegged at a capital value of INR 12,825 crore, is set to come up on a 4.5-acre land parcel previously allotted by the Mumbai Metropolitan Region Development Authority (MMRDA). Advertisement
This project marks Kanakia's foray into large-scale commercial developments at BKC, one of Mumbai's most prestigious business districts. Hines India, which has been active in India for over 15 years, will contribute its global experience in delivering high-grade, sustainable commercial spaces. The Japanese institutions involved, whose names have not been disclosed, are expected to provide long-term capital to support the project's lifecycle.
Earlier this week, it was revealed that the land acquisition from MMRDA had already been completed by Kanakia and is now under the Special Purpose Vehicle (SPV) formed for the venture. This SPV structure enables streamlined management of investment, design, development, and execution responsibilities among the three partners.
The venture is being seen as another signal of rising foreign interest in Indian commercial real estate, especially in established urban hubs. Given the scarcity of prime office space in BKC, the new development is expected to command premium leasing rates and cater to global corporations seeking world-class work environments.
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