Kanakia, Hines, Mitsubishi, and Sumitomo Join Hands for $1 Billion Office Project in Mumbai's BKC

• Kanakia Group partners with Hines, Mitsubishi Estate, and Sumitomo to develop a Rs 3,000 crore premium office project in Mumbai’s Bandra Kurla Complex.
• The project will offer 1.5 million sq ft of top-grade office space with F&B and retail zones, designed by Kohn Pedersen Fox.
• Benefiting from strong connectivity and backed by global real estate giants, the project is set to redefine Mumbai’s commercial landscape.

With a planned investment of Rs 3,000 crore, the upcoming development will feature 1.5 million square feet (msf) of top-grade office space, integrated with upscale food & beverage and retail zones. The site is strategically located in BKC, India’s most expensive office hub, and is being designed by renowned American architecture firm Kohn Pedersen Fox (KPF).

 

Rasesh B. Kanakia, Chairman of Kanakia Group, commented, “This site holds special significance for us, and we are confident that Hines will deliver a world-class product that will set new benchmarks in India. We aim to pursue more such strategic partnerships in the future to drive sustainable value creation”.

 

Kanakia Group currently has over 8.6 msf of projects in the pipeline with a GDV of Rs 12,825 crore, strengthening its position as a major player in India’s real estate landscape.

 

The new project is set to benefit from its excellent connectivity through the BKC Connector Road, Santacruz Chembur Link Road (SCLR) extension, upcoming Mumbai Metro lines, and the nearby Mumbai Ahmedabad Bullet Train terminal. These infrastructure links are expected to significantly boost the project’s appeal among global and domestic enterprises.

 

“This project is a significant milestone in our India journey,” said Amit Diwan, Senior Managing Director and Head of India at Hines. “It underscores our deepening presence in Mumbai and the strength of our partnership with MEC and Sumitomo. Our collaboration with Kanakia over the past year has been seamless, and the project is progressing smoothly”.

 

Also Read: From Concept to Creation: The Role of Cutting-Edge Tools in Transforming Design Processes

 

Hines, which manages $90.1 billion worth of assets globally as of December 2024, operates across 30 countries with a portfolio spanning 108 msf. Sumitomo entered the Indian market in 2016 via the Krisumi City project in Gurugram, while Mitsubishi expanded its footprint in 2023 with a business park in Chennai. JLL served as the transaction advisor for the joint venture.

 

As of December 2024, BKC’s weighted average quoted rents ranged from Rs 250 to Rs 400 per sq ft per month, with high-profile deals like Tesla and BNP Paribas pushing rents beyond Rs 800 per sq ft underlining the area's growing prestige and potential for premium office developments.