**Hines and Sumitomo Corp. Launch Luxury Condominium Project in Mumbai**
US-based developer Hines and Japan’s Sumitomo Corp. have formed a joint venture to develop a luxury condominium project in Mumbai’s high-demand real estate market. This initiative marks Hines’ entry into the Mumbai residential sector, as confirmed by Amit Diwan, senior managing director and head of India at Hines. The project, located in the Powai area of suburban Mumbai, is still in the pre-launch phase.
Hines will serve as the primary developer and equity investor, overseeing daily development operations in partnership with Sumitomo, which is also contributing equity to the project. The Powai residential development will feature a gated community spanning 3.4 acres, comprising six 20-storey towers with a total of 321 units, all facing a picturesque lake. The specific investment amount for this project has not been disclosed.
In addition to the Powai project, Hines recently announced a collaboration with Kanakia Group to develop an office project on a 3-acre site near the Bandra Kurla Complex (BKC), with an estimated investment of around ₹3,000 crore. This project also includes partnerships with Sumitomo and Mitsubishi Estate Co. Ltd., with Hines leading the development efforts.
Diwan emphasized the significance of the living sector for Hines globally, stating, “In Powai, we will bring international-standard homes to a well-established yet supply-constrained micro-market. This development reflects our long-term commitment to Mumbai and our ambition to expand through investments and developments across India.”
Powai is recognized as a premium residential area, known for its commercial office spaces, with the Hiranandani Group’s flagship integrated township, Hiranandani Gardens, being a notable landmark. The area has gained traction among investors due to its strong tenant mix across various sectors, including IT, banking, and emerging technology, coupled with steady rental yields and limited new supply.
Nishant Kabra, head of Land & Capital Markets (North and West) India at JLL, noted, “Powai has established itself as an institutional-grade micro-market within the Mumbai Metropolitan Region. Its evolution into a mixed-use hub is driven by integrated planning, premium developments, and strong occupier traction.”
As Hines continues to expand its footprint in Mumbai, the Powai project is poised to contribute significantly to the region’s residential landscape, catering to the growing demand for high-quality living spaces.
**FAQ**
**What is the significance of the Hines and Sumitomo joint venture in Mumbai?**
The joint venture marks Hines’ entry into the Mumbai residential market, focusing on developing luxury condominiums in the high-demand Powai area, reflecting a commitment to quality living spaces in a constrained supply environment.
