Mumbai Real Estate News: Labdhi Lifestyle Announces ₹1,000-Crore Riverfront Office Project In BKC H Block

Mumbai, Jan 21: Mumbai’s Bandra-Kurla Complex (BKC) is set to get its first riverfront commercial development, with Labdhi Lifestyle announcing a Rs 1,000-crore gross development value (GDV) office project in the H Block, also referred to as the Edge Block of BKC.

The project marks Labdhi Lifestyle’s entry into the commercial real estate segment and is positioned as a key development in a zone that is emerging as the next growth frontier of BKC.

Last planned block opens up

The project is located along the Mithi River and is part of the last planned block of BKC, which is now opening up for development after decades. While the BKC planning framework dates back to 1977, the H Block remained largely undeveloped due to the presence of slums and a BEST bus depot. With slum rehabilitation completed nearly three years ago, the land has now been made available for development.

Connectivity advantage

According to CEO Vikas Jain, the H Block carries the BKC address but offers superior connectivity compared to the core business district. The site is within 700 metres of the Western Express Highway, Eastern Express Highway, a suburban rail station and a Metro line, making it less congested and more accessible than central BKC.

Tallest commercial tower planned

The commercial tower, which is currently under construction, will include three basement levels and a 21-storey office building above. Basement work has already commenced, and the developer expects to complete the substructure within the next three months. Possession is targeted for November–December 2029.

At around 103 metres, the building is set to become the tallest commercial structure in BKC, surpassing the current height restrictions of most existing office towers, which average about 80 metres due to aviation constraints.

The project has already received aviation clearance, benefiting from its slightly southern location compared to core BKC, Jain said exclusively to the FPJ.

Riverfront development edge

A key differentiator for the project is its riverfront location, aligned with the ongoing Mithi River rejuvenation programme. The MMRDA recently awarded a Rs 1,700-crore contract for beautification works, which form part of a larger Rs 5,000–5,500 crore river rejuvenation initiative.

The land abutting the project is slated to be landscaped as part of the riverfront, with the developer drawing comparisons to global precedents such as Canary Wharf in London and the Sabarmati Riverfront in Ahmedabad. Once completed, it is expected to be Mumbai’s first organised riverfront commercial district.

Simplified approvals

Unlike core BKC, where the MMRDA is the approval authority even for leasing and fit-outs, the H Block falls under MMRDA zoning but is governed by the Slum Rehabilitation Authority (SRA). This, the developer said, significantly simplifies approvals for occupiers.

“Tenants will not have to go through multiple MMRDA approvals, even for lease transfers or interior fit-outs, making it easier and faster to operate from here,” the CEO said.

Project background and funding

The land parcel is government-owned and was earlier part of a slum rehabilitation project. The rehabilitation component was completed by the previous developer.

Labdhi Lifestyle acquired the project prior to insolvency proceedings, secured all technical and statutory approvals, and is now executing the sale component under full RERA compliance.

Financing for the project has been arranged through a combination of group resources and institutional funding. The company is supported by its sister concern, Build Capital, which focuses on real estate financing, and has also tied up with AU Bank, with financial closure underway.

Tenant interest emerging

Market interest for the project is already emerging, particularly from BFSI firms and legal offices, driven by proximity to transit infrastructure and the shifting of the High Court in the vicinity. The developer expects these segments to form the core tenant base.

Other developments

In addition to the BKC project, Labdhi Lifestyle is also developing a large residential project in Wadala with nearly 1,000 homes. The company typically undertakes a limited number of mid-to-large developments at a time, with project sizes ranging from Rs 500 crore to over Rs 2,000 crore GDV.

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With core BKC fully sold out and no fresh land parcels available, real estate consultants say the H Block is likely to see increased commercial activity in the coming years, supported by infrastructure upgrades, riverfront development and simplified regulatory processes. Labdhi Lifestyle’s project is expected to be among the first to set the tone for this next phase of BKC’s evolution.

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