Sumitomo Realty & Development Company, through its subsidiary Goisu Realty, has acquired a prime 2-acre land parcel in Mumbai's Worli locality from Bombay Realty, the property development arm of Bombay Dyeing & Manufacturing Company (BDMC), for Rs 440 crore. This deal includes the associated floor space index (FSI) and is part of a larger agreement made between Sumitomo and BDMC last year.
In 2023, Sumitomo signed a deal to acquire a total of 22 acres of Worli land for Rs 5,200 crore, making it one of India's largest land transactions. The acquisition is being completed in two phases, with Rs 4,675 crore already paid in the first tranche, and the remaining Rs 525 crore to be paid after meeting certain conditions.
According to documents stamp duty payment was for Rs 26.45 crore. Rahul Anand, CEO of Bombay Realty, confirmed the completion of this phase of the deal, stating, "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."
Sumitomo Corporation has steadily expanded its presence in India, driven by the rising demand for premium office spaces and residential developments. Last year, the company also secured a 3-acre land parcel in Mumbai’s Bandra-Kurla Complex (BKC) through an 80-year lease for over Rs 2,067 crore, further signaling its long-term commitment to India's real estate market.
As one of Japan's leading real estate developers, Sumitomo Realty & Development is leveraging its expertise in infrastructure and sustainable development to capitalize on India's rapid urbanization and economic growth. This acquisition highlights the growing appeal of India's real estate sector for global investors seeking long-term opportunities.