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The Top 50 Real State & Infra Company- RANK 50, Kanakia Spaces, Himanshu Kanakia, MD

Cover Story

After making waves with international stars, realty developer Kanakia Group has acquired nearly 15-acre prime land parcel in the Powai suburb of Mumbai for around Rs 850 crore from Skyline Mansions and private equity fund promoted by Anand Jain.
In the commercial space, it has leased out 50,000 sq-ft office spaces in Mumbai to TradeBulls, Saba Technologies and KYC Events among others in its Kanakia Wall Street.
The Group has also entered into an agreement with India Tube Mills to buy its 7-acre plot in Vikhroli in suburban Mumbai for Rs 363 crore. The builder has entered into an MoU with ITM, an industrial equipment maker, to buy the plot housing the latter’s office and factory. With a development potential of around 10-15 lakh sq-ft, the Kanakia group is looking to utilise the land either for mixed used development or building residential projects. As part of the deal, the Kanakias will buy out the special purpose vehicle (SPV), which holds the land, including the stakes of all the shareholders of the firm.

The Group has also entered into an agreement with India Tube Mills to buy its 7-acre plot in Vikhroli in suburban Mumbai for Rs 363 crore.

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CW - March 2019
01 Mar 2019