Sumitomo buys 2-acre Bombay Dyeing land in Mumbai for Rs 4.4 billion

13 Sep 2024 CW Team

Japan's Sumitomo Corporation Group has acquired a prime 2-acre land parcel in Mumbai's Worli area from Bombay Dyeing & Manufacturing Company for Rs 4.4 billion. Goisu Realty, a subsidiary of Sumitomo Realty & Development Company, completed the purchase along with the associated floor space index (FSI) from Bombay Realty, the real estate arm of Bombay Dyeing.

This deal is part of a larger agreement signed last year, where Sumitomo agreed to acquire a total of 22 acres in Worli for Rs 52 billion. The entire transaction is being executed in two phases, with the first phase valued at Rs 46.75 billion and the remaining Rs 5.25 billion to be finalised upon fulfilling certain conditions by Bombay Dyeing.

Sumitomo has paid Rs 264.5 million in stamp duty for registering the deal, which was finalized on August 13, 2024. According to Rahul Anand, CEO, Bombay Realty, this transaction marks the conclusion of the land sale commitment, following the earlier development and sale of a 3.35 lakh sq. ft. commercial building.

Sumitomo has been expanding its presence in India’s real estate market, driven by rising demand for premium office and residential spaces. Last year, the company also secured a nearly 3-acre land parcel in Mumbai’s Bandra-Kurla Complex through an 80-year lease with the Mumbai Metropolitan Region Development Authority for Rs 20.67 billion.(ET)

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