Mumbai, May 30, 2025 — 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 ₹1,000 crore. Currently, Kanakia has over 8.6 million sq. ft. of upcoming projects with a Gross Development Value (GDV) of ₹12,825 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 office project is 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.”

 

India, currently the world’s fourth-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.”

 

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.

 

¹ Data from this paragraph are as of Q4 2024 and sourced from Oxford Economics, JLL, and Hines.

 

About Kanakia Group:

 

Established over three decades ago, Kanakia Group is a diversified business conglomerate with interests across Real Estate, Hospitality, Entertainment, and Education. Built on the foundation of integrity, innovation, and excellence, Kanakia has consistently delivered landmark developments that go beyond conventional construction.

 

With a legacy of over 15 million sq. ft. developed across residential, commercial, education, entertainment, and industrial sectors, Kanakia continues to set new benchmarks in design and functionality. In 1997, the Group revolutionized cinema exhibition in India through Cinemax, transforming single-screen theatres into state-of-the-art multiplexes. The Group further expanded into Education in 2002 with RBK Educational Institutions, operating six schools across Mumbai and Gujarat. Its foray into Hospitality began in 2010 with the launch of Hotel Courtyard by Marriott in Mumbai, followed by hotels in Ahmedabad and Goa.

 

Kanakia’s commitment to excellence has been recognized with numerous accolades including India’s Most Promising Brand, CNBC Awaaz CRISIL CREDAI Real Estate Award, Commercial Property of the Year, International Property Award, and the MCHI Property Award.

 

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.

 

¹ Includes both the global Hines organization and RIA AUM as of December 31, 2024.

 

About 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.

 

For further information contact:

 

    SGA PR
    Meeral Salia
    Mobile: +91 7738364559
    meeral.s@sgapl.net
 

 

    Strategic Growth Advisors Pvt. Ltd.
    Sumeet Shukla
    +91 7276333084
    sumeet.shukla@sgapl.net