Mumbai Real Estate: Kanakia Group, Hines, MEC & Sumitomo Join Forces to Develop Landmark Commercial Project Near BKC
In a major boost to Mumbai’s commercial real estate landscape, homegrown developer Kanakia Group has teamed up with Hines, a leading global real estate investment manager, and Japanese giants Mitsubishi Estate Co Ltd (MEC) and Sumitomo Corporation to co-develop a premium office project near Bandra Kurla Complex (BKC) – India’s most expensive business district.
The ambitious project will come up on a prime 3-acre land parcel owned by Kanakia Group, with a total development of 1.5 million sq. ft. of modern office space. The design vision is being led by Kohn Pedersen Fox (KPF), an internationally acclaimed American architecture firm known for shaping skylines around the world.
This collaboration brings together the best of both worlds – local insight and international expertise. Kanakia will act as the land partner, while Hines, MEC, and Sumitomo bring their institutional strength and global real estate experience to the table.
A Strategic Shift by Kanakia Group
The project reflects Kanakia Group’s broader shift toward an asset-light model. As part of this strategy, the company is aiming to significantly reduce its debt below ₹1,000 crore. At present, the group is working on over 8.6 million sq. ft. of upcoming developments with a Gross Development Value (GDV) of ₹12,825 crore.
Leadership Speaks
Sharing his thoughts on the partnership, Rasesh B. Kanakia, Chairman of Kanakia Group, said:
“We are delighted to partner with Hines, MEC, and Sumitomo on this prestigious office project in the heart of Mumbai. This site holds a special place for us, and we believe Hines will help deliver a world-class commercial space that will redefine benchmarks in India. We’re open to more such collaborations in the future to create sustainable value.”
Echoing the sentiment, Amit Diwan, Senior Managing Director and Head of India at Hines, said:
“This project is a major milestone in our India journey. It deepens our presence in Mumbai and showcases the strong partnerships we have with MEC and Sumitomo. Kanakia’s local expertise is incredibly valuable, and we’ve been working together on this project for over a year. We’re very pleased with the progress so far.”
India on the Global Investor Map
This development underscores the increasing global investor confidence in India’s real estate market. With strong demographic growth, urbanization, and favorable market fundamentals, demand for high-quality office and residential spaces continues to rise.