Blackstone infuses Rs 50 cr to redevelop one-mile stretch in Mumbai

Nucleus Office Parks, a real estate platform owned by Blackstone's realty funds, has redeveloped a one-mile stretch of a street in Mumbai's core business district of the Lower Parel area for around Rs 50 crore. According to the private equity firm, which owns and manages properties worth over USF 60 billion in India, the one-mile region offers safer pedestrian walkways and community spaces for inhabitants. Though Blackstone did not specify the amount of money invested in the Brihanmumbai Municipal Corporation’s (BMC) public-private partnership initiative, a civic official told the media that the fund had spent more than Rs 50 crore on the street's reconstruction. Aditya Thackeray, the state's tourism minister, formally opened the stretch to the public this evening. According to the fund, which has over $20 billion in real estate holdings in the country over 41 properties since 2006, making it the largest foreign fund in the market, the upgrade took more than a year to complete. Thackrey expressed gratitude to Blackstone for its contribution and said that it is great to see the business sector step forward and engage with the city government and authorities to strengthen the city's infrastructure. The mile-long section of road that connects Dadar, Elphinstone, and Lower Parel is a high-volume traffic region, with over one lakh commuters every day. Nucleus Office Parks built two traffic lights and one U-turn intersection to improve traffic flow and vehicle lanes. In addition to 1.5 acres of afforestation, the project included a 2.5 km pedestrian walkway and 2.5 km dedicated cycling track. Blackstone India's head of real estate, Tuhin Parikh, said the company has helped establish communities in India through several projects. The Mumbai streetscape initiative contributes to traffic safety and accessibility. Image Source Also read: Blackstone plans $7.1 bn IPO for Building Materials Europe BV Also read: Blackstone Group sells over 5.7 cr units in Embassy Office Parks REIT