Hines is taking on its first project in India’s commercial capital with the US developer and fund manager this week announcing plans for a 30-storey office development in Mumbai.
The Houston-based firm said the project, which is part of a mixed-use complex being developed by another firm, will yield 900,000 square feet (83,613 square metres) of office space upon completion, which is expected in the fourth quarter of 2025.
“This is an opportune time for Hines to enter the Mumbai office market given the strong growth in global capability centres and financial services companies opening there and the availability of a high-class talent pool,” said Amit Diwan, senior managing director and India country head for Hines. “The location is exceptionally strong and has great characteristics.”
The project is Hines’ eighth in India, following earlier ventures in India’s National Capital Region, Bangalore and Pune, and comes as the privately-held firm is ramping up its office portfolio across Asia Pacific.
Working with the Locals
Diwan described the project as “a world-class office” with a statement describing the development as being “built to the highest international quality standards, keeping in mind the evolving tenant preferences of better build quality, as well as health and safety in a post-pandemic world.”
An account in India’s Economic Times, citing industry sources, said that Hines is building the project under a development management model on behalf of a local developer which owns the 8.8 acre (3.56 hectare) site of the mixed-use complex.
In June of last year Hines entered the office market in nearby Pune through a partnership with landowner Goel Ganga Corporation with the goal of building a 43 acre IT park in the tech stronghold.
Located next to a metro station, the site is said to enjoy direct access to the Western Express Highway, a major north-south artery connecting Mumbai to its suburbs and international airport.
“This project will deliver on the highest international specifications focusing on sustainability, reduction of operational carbon, enhanced indoor air quality as well as placemaking and identity,” said Monish Krishna, managing director for development at Hines. “Based on our global experience and local expertise, we are well positioned to bring an office experience that will deliver value to occupiers at every step.”
Scheduled to break ground in the first quarter of next year, the Mumbai project will add to Hines’ existing India 16 million square foot India portfolio just a few months after the company announced a second development venture in Bangalore with local builder DNR Group.
That Bangalore project, which is scheduled for completion near the end of 2026 will add around 2 million square feet of new office space to the southern India tech hub, with the two partners already hard at work on DNR Altitude, a 1 million square foot office project which they launched in 2020.
In February of this year, local media in India reported that Hines was in the process of setting up a fund targetting office projects in the country, citing unnamed sources at the developer.
Hines has been busy with office projects in other locations around Asia Pacific as well, including unveiling plans this past week for 600 Collins Street a $702 million project in Melbourne, Australia.
Also in the Victorian capital, Hines is developing a timber frame office tower at a site at 36 Wellington Street in the city’s Collingwood suburb which it acquired in 2019, as well as another wooden tower at 9 Stewart Street in Richmond.
In China, the company is known for its One Museum Place office tower in Shanghai’s Jing An district, an award-winning 60-storey building next to the city’s Natural History Museum.