Sumitomo, a leading Japanese real estate developer, recently acquired a 2-acre land parcel in Worli, Mumbai, from Bombay Dyeing for INR 440 crore, enhancing its presence in India. Earlier in 2023, Sumitomo completed one of the year's biggest deals by purchasing a 22-acre land parcel in Worli for INR 5,200 crore through its subsidiary, Goisu Realty. Additionally, Goisu Realty leased 3 acres in the Bandra-Kurla Complex (BKC) for 80 years, at over INR 2,067 crore. These investments underscore India's growing appeal to foreign investors and Sumitomo's focus on India's rapid urbanization.
Japanese company Sumitomo recently paid a sum of INR 440 crore to Wadia Group's Bombay Dyeing & Manufacturing company for a prime 2 acre land parcel in Worli, Mumbai. This deal marks a significant boost to the company's presence in India and strengthens their position in one of Mumbai's most sought-after neighborhoods.
In 2023, the company inked one of the biggest deals of the year. They paid a sum of INR 5,200 crore for a 22 acre land parcel in Worli, Mumbai. The deal was to be completed in two installments; the first installment of INR 4,675 crore was paid upfront and the second sum of INR 525 crore was to be paid upon completion of certain prerequisites. Documents show that stamp duty was paid in the amount of INR 26.45 crore. The CEO of Bombay Realty, Rahul Anand, recently verified that this section of the agreement was concluded.
This transaction was made possible by Goisu Realty, a subsidiary of Sumitomo Realty & Development Company, which also handled the important Floor Space Index (FSI) associated with the property. Bombay Dyeing's property development division, Bombay Realty, sold the site.
According to the sale deed, the aforementioned plot was a portion of a larger land tract, totaling 5,726.32 square meters, on which a commercial building known as Wadia Tower-A was located. In 2010, Axis Bank purchased the property, which included three basement levels, a ground floor, eight higher stories, and a terrace.
In a separate transaction, Goisu Realty Private Limited leased nearly 3 acres of adjacent land in Mumbai's prime Bandra-Kurla Complex (BKC) from the Mumbai Metropolitan Region Development Authority (MMRDA) for 80 years, at a cost exceeding INR 2,067 crore. Previously, in 2019, the Japanese company had acquired a 12,141 square meter land parcel in BKC from MMRDA for INR 2,238 crore.
One of the top real estate developers in Japan, Sumitomo Realty and Development is taking advantage of India's quick urbanization and economic expansion by utilizing its knowledge of infrastructure and sustainable development. This purchase demonstrates the increasing allure of India's real estate market for foreign investors looking for long-term prospects.
Founded in 1919, Sumitomo Corporation operates across Asia, Europe, the Americas, and Africa. The company engages in various sectors, including infrastructure, real estate, media, metal products, transportation and construction systems, minerals, energy, and chemicals.. Sumitomo's participation highlights the appeal of India's real estate market for long-term investment as foreign investors turn their attention to it as a major growth area.
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