Nucleus Office Parks, the real estate platform owned by Blackstone's realty funds, has redeveloped a one-mile stretch of a street in Mumbai's central business district of the Lower Parel area at an investment of over Rs 50 crore.
Though Blackstone didn't disclose the investment for this public-private partnership initiative with the BMC, a civic body official stated that the fund has spent over Rs 50 crore in the redevelopment of the street.
The stretch was opened to the public by the state's Tourism Minister Aditya Thackeray. The upgrading project took more than a year for completion, said the fund that has over US$20 billion in realty assets in the country across 41 properties since 2006.
Aditya Thackrey said it is encouraging to see the private sector step forward and collaborate with the local government and authorities to improve the city's infrastructure.
Nucleus Office Parks has streamlined traffic and vehicle lanes by constructing two signals and one U-turn junction. The project also created 2.5 km of pedestrian walkway and 2.5 km of dedicated cycling tracks apart from an afforestation of 1.5 acres.
(With inputs from PTI)