Kanakia Group Joins Forces with Hines, Mitsubishi & Sumitomo for 1.5 Million Sq Ft Office Project in BKC Area

Mumbai’s commercial real estate landscape is set for a fresh transformation as the Kanakia Group has announced a strategic partnership with global investment manager Hines and Japanese giants Mitsubishi Estate Co. Ltd (MEC) and Sumitomo Corporation. The collaboration will jointly develop a premium office project spanning 1.5 million sq ft near Bandra Kurla Complex (BKC), Mumbai's most expensive business district.

World-Class Design, Global Investors

The 3-acre land parcel, owned by Kanakia Group, will be developed into a commercial office hub designed by the internationally acclaimed American architecture firm Kohn Pedersen Fox (KPF). Kanakia will act as the land partner, while Hines, Mitsubishi, and Sumitomo step in as institutional investors and co-developers.

Officials noted that the project location offers strategic connectivity, making it a prime destination for commercial activity. With expertise drawn from all three international players, the development is expected to set new benchmarks in Mumbai’s commercial real estate sector.

Kanakia Shifts to Asset-Light Model

As part of a broader corporate strategy, Kanakia Group is steering towards an asset-light development model with a focus on reducing debt. The company aims to bring its total debt down to under ₹1,000 crore, enabling more flexible and capital-efficient growth.

Kanakia currently has over 8.6 million sq ft of upcoming projects in its pipeline, with a combined Gross Development Value (GDV) of ₹12,825 crore, according to a company statement.

Partnership Seen as Milestone for All Stakeholders

Rasesh B. Kanakia, Chairman of the Kanakia Group, expressed his enthusiasm about the alliance, stating that the site holds deep significance and that the partnership would lead to the creation of a truly world-class office destination. He added that the group is open to exploring more such joint ventures in the future to unlock sustainable value.

From Hines’ side, Amit Diwan, Senior Managing Director and Head of India, described the project as a major milestone. He emphasized that Hines values Kanakia’s local expertise, and the collaboration with MEC and Sumitomo reflects a strong commitment to long-term growth in Mumbai.

Rising Investor Confidence in Indian Real Estate

Commenting more broadly, the partners noted that India’s strong demographic fundamentals and favourable market conditions are attracting increased investor attention. The sustained demand for both commercial and residential spaces continues to draw global developers and institutional capital into Indian real estate.

Disclaimer: This article is based on publicly available information and official statements from the involved entities. Readers are advised to verify independently before making any real estate or investment decisions.