Japan’s Sumitomo Corporation Group has acquired the Wadia Group entity Bombay Dyeing & Manufacturing Company’s prime land parcel spread over nearly 2 acres in Mumbai’s Worli locality for Rs 440 crore.
Goisu Realty, a subsidiary of Sumitomo Realty & Development Company, has acquired the land parcel along with its associated floor space index (FSI) from Bombay Realty, the property development subsidiary of Bombay Dyeing & Manufacturing Company.
In the largest land transaction in India last year, the Japanese company had entered into an agreement with BDMC to acquire a total 22 acres in Worli for Rs 52 billion and this deal concluded now is part of the same agreement.
The entire transaction between Sumitomo and Bombay Realty was expected to be completed in two phases including the first tranche of Rs 46.75 billion. The balance Rs 5.25 billion was to be received upon completion of certain conditions by BDMC and execution and consummation of the definitive agreements for the second phase.
The company has paid stamp duty of Rs 264.5 million for the registration of the deal that took place on August 13, 2024, shows the documents accessed through real estate data analytics firm Propstack. “With this, the deal for the entire land as committed by the company has been concluded. We have developed and sold a commercial building of about 3.35 lakh sq ft earlier and sold the remaining landholdings in Worli to Sumitomo,” Rahul Anand, CEO, Bombay Realty, told ET.
Last year, Sumitomo Corporation also concluded a transaction with the Mumbai Metropolitan Region Development Authority (MMRDA) to pick up a nearly 3-acre land parcel, through a long-term lease of 80 years, in Mumbai’s business district Bandra-Kurla Complex (BKC) for over Rs 20.67 billion.
Sumitomo Realty & Development Company, one of Japan’s leading real estate developers, has gradually increased its exposure to the Indian real estate market in the last few years. The company has entered India through strategic partnerships and investments in the backdrop of rising demand for premium office spaces and residential developments.
