Kanakia Group Joins Hines, Mitsubishi, and Sumitomo for ₹1.5 Million Sq Ft BKC Office Project
Mumbai-based real estate developer Kanakia Group has entered into a strategic partnership with Hines, Mitsubishi Estate Co Ltd (MEC), and Sumitomo Corporation to jointly develop a commercial office project near Bandra Kurla Complex (BKC), Mumbai’s most expensive and high-demand business district. The project will be developed on a 3-acre land parcel owned by Kanakia and will feature 1.5 million square feet of office space.
The design for the project is being led by the U.S.-based architecture firm Kohn Pedersen Fox (KPF), known for its large-scale commercial developments worldwide. The initiative brings together Kanakia Group as the landowner and Hines, MEC, and Sumitomo as institutional investors and development partners. The collaboration is expected to combine local market understanding with international expertise in real estate development and infrastructure.
Rasesh B. Kanakia, Chairman of Kanakia Group, views this project as a significant step in the company’s long-term strategy. He sees the partnership as an opportunity to bring in world-class development practices while continuing to reduce the company’s capital exposure. As part of its evolving strategy, Kanakia Group is shifting toward an asset-light model and is working to bring its total debt under ₹1,000 crore. The group currently has over 8.6 million square feet of planned development with a Gross Development Value of ₹12,825 crore.
Amit Diwan, Senior Managing Director and Head of India at Hines, sees the project as an important milestone in Hines’ expansion within India. He acknowledged the importance of the partnership with Kanakia and emphasized the value of working with MEC and Sumitomo to deliver a high-quality office space product in Mumbai. According to Diwan, teams from Hines and Kanakia have already been working on the project for more than a year, and the development is advancing steadily.
The collaboration also reflects growing interest from global investors in the Indian real estate market. With favorable demographics, increasing demand for office space, and steady economic fundamentals, firms like Mitsubishi Estate Co and Sumitomo Corporation are expanding their footprint in India’s urban property sector. Their participation in this joint venture signals long-term interest in Indian commercial real estate.
The project comes at a time when Mumbai’s real estate market is seeing heightened activity, particularly in and around BKC. In 2024, land deals worth nearly ₹5,000 crore were closed in the area, reinforcing its position as India’s costliest commercial zone. Recent infrastructure upgrades, such as the Mumbai Metro Line 3 connecting BKC to Worli and other major locations, are also enhancing the area’s appeal.
