Nucleus Office Parks Begins a Streetscape Redevelopment Project in Mumbai to Help Improve the Safety and Quality of Life for Residents

by Suman Gupta

MUMBAI, January , 2021 – Nucleus Office Parks, the real estate platform owned by Global investment firm Blackstone, is transforming the streetscape of Mumbai’s central business district by creating safe pedestrian pathways and a community space for residents to enjoy leisure activities.

The mile-long stretch of road sitting at the junction between Dadar, Elphinstone, and Lower Parel in Mumbai’s central business district is a high-volume traffic area with more than one lakh commuters per day. As part of the redesign, Nucleus Office Parks will aim to streamline vehicle lanes and build more than 3 kilometers of pedestrian walkway including a separate track for cyclists. A new public community park is also planned to be introduced under the flyover with improved lighting, seating areas, playgrounds, exercise equipment, and artwork.

Aditya Thackrey, Cabinet Minister of Tourism and Environment, Government of Maharashtra, said: “We are grateful for the support from Nucleus Office Parks in our efforts to redevelop one of Mumbai’s busiest streets into a safe and clean space for residents to commute and gather. It is encouraging to see the private sector step forward and collaborate with the local government and authorities to improve the city’s infrastructure.”

Quaiser Parvez, CEO, Nucleus Office Parks, said: “At Nucleus, we constantly strive to enhance the experience for those working in and around our office parks. We are thrilled to begin work on this streetscape redevelopment project, leveraging our real estate expertise and experiences of transforming properties to enhance the quality of life for Mumbai residents.”

Tuhin Parikh, Head of Real Estate for India, Blackstone, said: “We support Nucleus Office Parks and the Government of Maharashtra in their efforts to create more green spaces and safer streets in the city center. As one of the largest Global investors in India, we are committed to working with local governments to build thriving communities that can positively impact people and businesses.”

Construction of the project began in December 2020. Phase one is expected to open to the public by May 2021.

About MCGM:The Municipal Corporation of Greater Mumbai (MCGM) is the governing civic body of Mumbai, the capital city of Maharashtra. MCGM is responsible for the civic infrastructure and administration of the city and some suburbs.

About Nucleus Office Parks: Nucleus Office Parks is the operating platform for 100% Blackstone owned offices in India. Nucleus Office Parks’ current portfolio includes of over 9 million square feet of Grade A Commercial spaces spread across Mumbai, Chennai and NCR. The experienced Nucleus Office Parks team works to transform and manage marquee assets that are landmarks in the skyline of cities where they stand. Nucleus Office Parks focuses on creating value for customers, partners, occupiers and investors.