India's Commercial Real Estate Boom: Brookfield Doubles Down in Mumbai

Brookfield Group's subsidiary, Moon Holdings (DIFC), has entered into a strategic transaction with Supreme Infrastructure India’s promoter group companies, BSS Property Ventures and Rajeshwar Property Ventures, to expand its commercial real estate portfolio in India, which currently spans 55 million sq. ft.

As part of the deal, Moon Holdings will acquire a majority stake in special purpose vehicles (SPVs) that have secured access to approximately six acres of prime land in Powai, Mumbai, with a permissible floor space index (FSI) exceeding one lakh sq. ft. Brookfield has already invested over Rs 600 crore and plans further investments to develop Grade-A office spaces.

The land transaction is linked to the construction of Project Affected Persons (PAP) buildings by the SPVs through a contractor, in alignment with a rehabilitation and resettlement initiative under the Mumbai Metropolitan Region Development Authority (MMRDA). Bhawanishankar Sharma, co-promoter of Supreme Group and the landowner, will oversee the PAP building construction and has entered into an agreement with MMRDA through his companies.

MDP Associates, led by Ashok Paranjpe and Vatsal Merchant, represented the landowner’s family, while Jay Gandhi of Shardul Amarchand Mangaldas and Sajit Suvarna of DSK Legal advised Moon Holdings. Brookfield continues to strengthen its presence in Mumbai’s commercial real estate market. In January, it signed a USD 12 billion investment agreement with MMRDA for infrastructure projects and recently acquired an eight percent stake in Nirlon, further expanding its office space footprint in the city.

News by Rahul Yelligetti.