Japan’s Sumitomo Corporation acquires a 2-acre land parcel in Mumbai’s Worli area from Bombay Dyeing for Rs 4.4 billion, marking the next phase of a larger deal.
Sumitomo Buys Prime Mumbai Land from Bombay Dyeing
Sumitomo Corporation Group, a leading Japanese conglomerate, has purchased a prime 2-acre land plot in the Worli area of Mumbai for Rs 4.4 billion. The deal was completed by Sumitomo’s subsidiary, Goisu Realty, which is part of Sumitomo Realty & Development Company. The purchase included the associated floor space index (FSI) and was facilitated by Bombay Realty, the real estate arm of Bombay Dyeing & Manufacturing Company.
Part of a Larger Rs 52 Billion Agreement
This acquisition is a continuation of a broader agreement signed last year, under which Sumitomo agreed to buy a total of 22 acres in the same Worli locality for Rs 52 billion. The deal is being executed in two phases. The first phase, worth Rs 46.75 billion, has already been completed, while the remaining Rs 5.25 billion will be finalized once certain conditions are met by Bombay Dyeing.
Deal Finalized with Rs 264.5 Million Stamp Duty
The land transfer was officially completed on August 13, 2024, with Sumitomo paying Rs 264.5 million in stamp duty to register the deal. Rahul Anand, CEO of Bombay Realty, confirmed that this transaction fulfills Bombay Dyeing’s commitment to sell the land, following the earlier development and sale of a 3.35 lakh sq. ft. commercial building on the property.
Sumitomo’s Growing Footprint in India’s Real Estate Market
Sumitomo has been actively expanding its presence in India, responding to the increasing demand for high-end office and residential spaces. Last year, the company acquired a nearly 3-acre land parcel in Mumbai’s Bandra-Kurla Complex through an 80-year lease from the Mumbai Metropolitan Region Development Authority (MMRDA) for Rs 20.67 billion.
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