Japan's Sumitomo Corp concludes 80-year lease for BKC plot

27 Sep 2023 CW Team

Japan's Sumitomo Corporation Group has successfully concluded a significant long-term lease agreement for an expansive land parcel spanning nearly 3 acres within Mumbai's prestigious Bandra-Kurla Complex. The deal was reached in collaboration with the Mumbai Metropolitan Region Development Authority (MMRDA) at a substantial cost of over Rs 2,067 crore.

The subsidiary company, Goisu Realty, a part of the Sumitomo Realty & Development Company, secured the land through an 80-year lease agreement. It's worth noting that Goisu Realty had emerged as the highest bidder for this coveted plot back in 2019. However, the finalization of this noteworthy transaction took more than four years to come to fruition.

This particular land parcel auctioned by MMRDA holds special significance as it marks the first such auction conducted by the authority in over 12 years, with the previous one dating back to 2007. Throughout this extended period, MMRDA had primarily allocated plots to select government entities.

To underscore the scale of this transaction, documents sourced through CRE Matrix reveal that Goisu Realty has paid an impressive sum of over Rs 111 crore solely as stamp duty for the registration of the deal. The agreement was successfully completed on September 3.

MMRDA, renowned for its long-term planning, strategic project execution, and infrastructure development financing in the Mumbai Metropolitan Region (MMR), plays a pivotal role in facilitating the region's growth and development. Sumitomo Corporation Group's acquisition of this prime land parcel highlights its strategic investment in one of India's most dynamic real estate markets.

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