Kanakia Group, a leading premium real estate developer, has entered into a joint venture with Hines, a global real estate investment manager from the US, and two of Japan’s most prominent conglomerates—Mitsubishi Estate Co., Ltd. (“MEC”) and Sumitomo Corporation (“Sumitomo”). Today, they announce the development of a trophy/premium office project in Bandra Kurla Complex (BKC), Mumbai.
The partnership brings together Kanakia Group as the land partner with Hines, MEC, and Sumitomo as institutional investors and development partners, leveraging their global expertise in real estate and infrastructure to create a state-of-the-art commercial hub in one of Mumbai’s most strategically connected locations.
Kanakia Group’s broader strategic shift towards an asset-light model has led the company to reduce its debt significantly to below Rs1,000 crore. Currently, Kanakia has over 8.6 million sq. ft. of upcoming projects with a Gross Development Value (GDV) of Rs12,825 crore.
Rasesh B. Kanakia, Chairman, Kanakia Group, said “We are delighted to partner with Hines, MEC, and Sumitomo on this prestigious trophy office project in the heart of Mumbai. This site holds special significance for us, and we are confident that Hines will bring a world-class product that will set new standards in India. We will continue to explore similar partnerships in the future to drive sustainable value creation.”
This JV Trophy/Premium project office spread across a prime 3-acre land parcel, the proposed development will offer 1.5 million square feet of premium office space integrated with top-tier amenities, including F&B and retail zones. The project is being designed by renowned American architecture firm Kohn Pedersen Fox (KPF)
This development will be positioned as a new benchmark for sustainability, smart infrastructure, and wellness in commercial real estate. It is targeting prestigious certifications including USGBC LEED, WELL, WiredScore, and SmartScore.
Strategically located, the site benefits from seamless connectivity via the BKC Connector Road, Santacruz–Chembur Link Road (SCLR) extension, upcoming Mumbai Metro lines, and the Mumbai–Ahmedabad Bullet Train terminus, making it one of the most well-connected business destinations in the city.
“This project marks a significant milestone in our journey in India,” said Amit Diwan, Senior Managing Director and Head of India at Hines. “It reflects our commitment to deepening our presence in Mumbai and highlights our strategic partnerships with MEC and Sumitomo. This project is a collaboration with Kanakia Group, a highly experienced real estate player in Mumbai, who brings significant local knowledge and expertise that we greatly value. Hines and Kanakia teams have worked on this project jointly for over a year already, and the project is progressing very well.”
“Given India’s strong demographic tailwinds, along with the right fundamentals and market conditions, we’ve been seeing more investor interest in the country and continued demand for our office and residential projects,” said Diwan. “This project is an excellent addition to our India portfolio, and we look forward to delivering the highest quality development that Hines is known for.”
With over 36 years of experience, Kanakia Group has delivered more than 15 million square feet across various sectors. Its portfolio includes 45 residential projects, 13 commercial developments, 4 malls, 3 hotels, 6 schools, and over 200 cinema screens. This joint venture adds to Kanakia’s track record in real estate and urban development.
