Kanakia Partners with Global Real Estate Giants for BKC's Project in Mumbai

Mumbai-based real estate developer Kanakia Group has announced a strategic partnership with global real estate investment manager Hines, along with Japanese conglomerates Mitsubishi Estate Co Ltd (MEC) and Sumitomo Corporation, to co-develop a premium commercial project together with Mumbai’s prestigious Bandra Kurla Complex (BKC) — one of India’s most expensive business districts.

• Kanakia partners with Hines, Mitsubishi, and Sumitomo for the BKC office project

• Developer’s project pipeline stands at 8.6 million sq ft with Rs. 12,825 crore GDV

• Global investment signals growing confidence in India’s commercial real estate

As per the press release, the valuable 3-acre land plot, the new complex will consist of 1.5 million sq ft of Grade-A office space. Exquisitely crafted by the world-class American architecture firm Kohn Pedersen Fox (KPF) that specializes in global-class urban developments, the complex will be a work of art.

In this historic partnership, the Kanakia Group will be the land partner, and Hines, MEC, and Sumitomo will be institutional partners and co-developers. The partnership would blend local market understanding with international best practices in real estate development and infrastructure.

The move is in line with the firm's shift towards an asset-light strategy to bring its consolidated debt below Rs. 1,000 crore, the company stated. The developer has an 8.6 million sq ft project pipeline with Gross Development Value (GDV) of Rs. 12,825 crore.

Rasesh B. Kanakia, Chairman of Kanakia Group, quoted “This project is a major milestone for us. It’s not just a development; it’s a symbol of our intent to build long-term value through strategic partnerships, and the location is close to our hearts, and with Hines at the helm, we’re confident of delivering a global-grade commercial destination.”

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Amit Diwan, India Head and Senior Managing Director of Hines, agreed, "This development is a milestone on our path in India. Our association with Kanakia Group, MEC, and Sumitomo demonstrates our faith in Mumbai for the long term. The two teams have collaborated on this project for more than a year, and the progress underscores our common vision."

With strong demographic growth, urbanization momentum, and solid market fundamentals, India continues to attract growing investor attention. This transaction is regarded as a response to the persistent demand for top-grade office and housing space, and positions the consortium to map the course of commercial development in Mumbai.