Japan’s Sumitomo acquires Bombay Dyeing’s land for Rs 4.4 Bn

11 Sep 2024 CW Team

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.

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.

Resources

04 Jun 2026

ULCCS Showcases Cooperative Model at UN Symposium

Uralungal Labour Contract Co-operative Society (ULCCS) showcased its community-led development model at the United Nations Headquarters in New York, where it participated as a panellist at the International Symposium on Cooperative Financial Institutions held on 28–29 May 2026.Jointly organised by the United Nations Department of Economic and Social Affairs (UN DESA), the International Cooperative Banking Association (ICBA), and the International Cooperative Alliance (ICA), the symposium was held under the theme ‘Fuelling Inclusive and Equitable Growth’ and brought together policymakers,..

Infrastructure Transport

04 Jun 2026

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Real Estate

04 Jun 2026

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..