Blackstone invests over Rs 50 crore to redevelop one-mile road stretch in Mumbai

New Delhi: Nucleus Office Parks, the real estate platform owned by global investment major 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.

The one mile area has safer pedestrian pathways and community spaces for residents, said the PE major that owns and manages assets worth over USF 60 billion in India.

Though Blackstone didn't disclose the investment for this public-private partnership initiative with the BMC, a civic body official told PTI that the fund has spent over Rs 50 crore in the redevelopment of the street.

The stretch was formally opened to the public this evening by the state's Tourism Minister Aditya Thackeray. The upgrading project took more than a year for completion, said the fund that has over USD 20 billion in realty assets in the country across 41 properties since 2006, making it the largest foreign fund in the space.

Thanking Blackstone for its support, 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.

The mile-long stretch of the road sitting at the junction between Dadar, Elphinstone and Lower Parel is a high-volume traffic area with more than one lakh commuters per day.

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.

Tuhin Parikh, head (real estate) at Blackstone India, said the company has contributed to several initiatives to help build communities in India. The Mumbai streetscape project helps make roads safer and more accessible.

Nucleus Office Parks CEO Quaiser Parvez said it worked all through 2021 in upgrading one of the city's arterial streets into a world-class.