Brookfield Expands Mumbai Presence with Strategic Land Acquisition in Powai

Brookfield has successfully entered into a strategic deal in Mumbai’s Powai to expand its commercial real estate portfolio. The deal involves the acquisition of land and a permissible floor space index (FSI) of over 1 lakh sq ft, enabling the global alternative investment firm to further solidify its position in the Indian commercial real estate market. Currently, Brookfield owns 55 million sq ft of commercial space across India, with approximately 9 million sq ft located in Mumbai, one of the key commercial hubs of the country.

This transaction is linked to the construction of Project Affected Persons (PAP) buildings as part of a rehabilitation and resettlement initiative commissioned by the Mumbai Metropolitan Region Development Authority (MMRDA). Brookfield has already invested over Rs 600 crore in the deal, with plans for further investments to develop Grade A office properties on the land. The land is part of a 30-acre plot owned by Bhawanishankar Sharma, who is also the co-promoter of Supreme Group. As per the agreement, Sharma’s companies, BSS Property Ventures and Rajeshwar Property Ventures, will oversee the project’s development.

Brookfield’s subsidiary has taken a majority stake in two special purpose vehicles (SPVs) formed by Sharma’s companies, giving it control over a 6-acre land parcel in Powai. This acquisition allows Brookfield to gain access to the free-sale component of the project that will be awarded by MMRDA. The funds raised through this deal have also been used to settle mortgage obligations with various lenders, including Indiabulls Housing Finance, Edelweiss ARC, ICICI Bank, JM Financial, and the State Bank of India.

Brookfield’s expansion in Mumbai has been robust, with notable recent projects such as its $12 billion investment pact with MMRDA for infrastructure development in the Mumbai Metropolitan Region. Additionally, the company emerged as the sole bidder for a plot in the Bandra-Kurla Complex (BKC) in an MMRDA auction and secured an 8% stake in Nirlon Ltd,