(MUMBAI) – Hines, a leading global real estate investment manager, and Kanakia Group, a prominent premium real estate developer in India, have announced a new trophy office development in Mumbai, the country’s key financial hub. This project underscores Hines’ strategic focus on India’s commercial real estate market.
Located in the Greater Bandra Kurla Complex (BKC) precinct, this high-end office development will span around 1.5 million square feet, built on a 3-acre site, with plans to feature top-tier amenities, F&B and retail space. The project is a joint venture with Mitsubishi Estate Co., Ltd. (“MEC”) and Sumitomo Corporation (“Sumitomo”), with Kanakia Group as the land partner.
“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.”
Rasesh B. Kanakia, Chairman of 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.”
India, currently the world’s fifth-largest economy, is on track to become the third largest by 2029. The country’s working age population is forecast to exhibit strong growth. Combined with a well-educated workforce, this has made India office highly sought after by local businesses and multinational companies. Office rental yields in the key cities of Bangalore, Delhi, Mumbai, and Pune have remained some of the highest globally.[1]
“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.”
Since establishing its presence in India in 2006, Hines has expanded its portfolio to 12 projects across the office and residential sectors. The Firm now operates in five major Indian cities: Delhi/National Capital Region (NCR), Mumbai, Bangalore, Pune, and Ahmedabad.
More on the trophy office development
Designed by American architectural firm Kohn Pedersen Fox, the development will overlook more than 200 acres of the low-rise Mumbai University campus, which includes expansive green open space. It will benefit from transit connectivity via the BKC Connector Road, the Santacruz–Chembur Link Road (SCLR) extension, upcoming Metro lines, and the Mumbai–Ahmedabad Bullet Train terminus. The project aims to achieve top-tier sustainability and smart building certifications, including USGBC LEED, WELL, WiredScore, and SmartScore.
About Hines
Hines is a leading global real estate investment manager. We own and operate $90.1 billion¹ of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 30 countries draw on our 68-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media.
ÂąIncludes both the global Hines organization and RIA AUM as of December 31, 2024.
[1] Data from this paragraph are as of Q4 2024 and sourced from Oxford Economics, JLL, and Hines Research.
