MMRDA Allocates BKC Plots to Sumitomo and Brookfield for Rs 3,840 Crore
The Mumbai Metropolitan Region Development Authority (MMRDA) has allocated plots in BKC to Sumitomo and Brookfield for Rs 3,840 crore, with plans for mixed-use and office developments, including a luxury hotel.
Real EstateBkcMmrdaSumitomoBrookfieldReal Estate MumbaiJun 03, 2025
Goisu Realty, a subsidiary of Sumitomo Realty & Development, has been awarded plots C-13 and C-19 for Rs 1,360.48 crore (39.61 per cent above the base price) and Rs 1,177.86 crore (40.20 per cent above the base price), respectively. Plot C-80, on the other hand, has been leased to Schloss Bangalore, the operator of the luxury hotels and resorts chain under the ‘The Leela’ brand, for Rs 1,302.16 crore (12.34 per cent above the base price).
The project on plot C-80 is a joint venture of Brookfield with the consortium of Schloss Chanakya and Arliga Ecospace Business Park. The company intends to develop a mixed-use project, including a 250-key luxury hotel on this plot. Meanwhile, Goisu Realty already has two office projects in BKC, with one of them scheduled for completion after 2026.
The developments follow the Memoranda of Understanding (MoUs) signed by MMRDA at the World Economic Forum 2025 in Davos, Switzerland, where investments of USD 12 billion were committed by Brookfield and USD 5 billion by Sumitomo for infrastructure development in the Mumbai Metropolitan Region (MMR). The total built-up area of all three plots is 86,321.80 square metres, and MMRDA is expecting the creation of 15,000 high-tech jobs through the developments on these plots.
Recently, Sumitomo entered into an office building development project in BKC through a three-way partnership with Hines, a US-based global real estate investment manager and developer, Japan’s Mitsubishi Estate Company, and Mumbai-based real estate developer Kanakia Group. The project’s gross development value (GDV) is estimated to be around USD 1 billion, according to a source familiar with the matter. The consortium will develop a premium office project in Mumbai’s BKC, India’s costliest office hub, with an investment of Rs 3,000 crore.
The MMRDA’s strategic allocation of these plots is expected to further boost the real estate sector in Mumbai, which has emerged as a pivotal player in the country's development. With an 18 per cent share in national employment, the real estate sector is the largest employment generator after agriculture, significantly buoyed by a robust economy.
These developments are likely to attract more international investors and contribute to the creation of a world-class business environment in BKC, enhancing its status as a premier business district in India.
Frequently Asked Questions
What is the total value of the plots allocated by MMRDA in BKC?
The total value of the plots allocated by MMRDA in BKC is Rs 3,840.49 crore.
Which companies have been awarded the plots in BKC?
The plots have been awarded to Goisu Realty (a subsidiary of Sumitomo) and Schloss Bangalore (a joint venture of Brookfield, Schloss Chanakya, and Arliga Ecospace Business Park).
What is the expected built-up area of the plots?
The total built-up area of all three plots is 86,321.80 square metres.
How many high-tech jobs are expected to be created through these developments?
MMRDA is expecting 15,000 high-tech jobs to be created through the developments on the plots.
What is the estimated gross development value (GDV) of Sumitomo's recent office building project in BKC?
The estimated gross development value (GDV) of Sumitomo's recent office building project in BKC is around USD 1 billion.
Related News Articles
Arvind SmartSpaces Surges After Recording Rs 600 Crore Bookings at Kalyangadh Township
Arvind SmartSpaces, an Ahmedabad-based real estate developer, has recorded over Rs 600 crore in bookings for its largest township development, Arvind Aqua City, near Kalyangadh. This milestone underscores the company's focus on delivering premium lifestyl
Godrej Properties Acquires Six Land Parcels in Q2
Godrej Properties, a leading real estate developer, has made significant strides in the second quarter of 2023 by acquiring six land parcels. These acquisitions are part of the company's strategy to expand its portfolio and meet the growing demand for qua
Brookfield India REIT Shares Face Decline on NSE Despite ₹3,500 Crore QIP Issue
Brookfield India Real Estate Trust's shares were trading at around Rs 283.20 per share on the NSE, marking a decline of 0.46% despite the announcement of a ₹3,500 crore Qualified Institutional Placement (QIP) to reduce debt.
Bombay High Court Orders Political Parties and Authorities to Enforce Hoarding Ban
The Bombay High Court has issued a directive to political parties and local authorities to strictly enforce the hoarding ban under the Maharashtra Prevention of Defacement of Property Act, 1995. This move aims to reduce visual pollution and maintain the a
Aditya Birla Real Estate Q3 FY25 Results: Revenue Declines 16.7% to Rs 946.21 Crore
Aditya Birla Real Estate reported a significant decline in revenue for the third quarter of the fiscal year 2025, falling 16.7% to Rs 946.21 crore. The company also incurred a loss of Rs 42.37 crore during the quarter.
Uday Kotak's Lavish Real Estate Purchase: A Record-Breaking Deal in Mumbai
Billionaire Uday Kotak has made headlines yet again with his latest real estate acquisition. He has purchased 12 high-end residential units in Mumbai's upscale Worli area for a staggering Rs 202 crore, marking one of the most significant property deals in