Sumitomo Acquires Prime Land in Mumbai's Worli Area for ₹440 Crore
Goisu Realty Private Limited, a subsidiary of Japanese real estate developer Sumitomo Realty & Development Company, has acquired a 8,054-square metre land parcel from The Bombay Dyeing and Manufacturing Company Limited in Mumbai's Worli area for ₹440 cror
Sumitomo CorporationGoisu RealtyThe Bombay Dyeing And Manufacturing CompanyMumbaiWorliReal Estate MumbaiSep 10, 2024
The deal is part of a larger agreement to acquire 22 acres in Worli for ₹5200 crore. According to Rahul Anand, CEO of Bombay Realty, the deal was a composite one, which was divided into two parts. One part was completed last year, while the other part had some conditions that were linked to it, which were completed this year.
Bombay Dyeing had approved the sale of the land parcel to Goisu Realty for ₹5,200 crore last year. As part of the mill land policy, Bombay Dyeing had to surrender eight acres of land to the BMC and MHADA, but the developer received 82,000 sq m of space. This was the financial capital's largest land deal in terms of value.
Goisu Realty has acquired the land parcel along with the associated floor space index on August 13, 2024, from Bombay Realty, the property development arm of Bombay Dyeing and Manufacturing Company. The deal attracted a stamp duty of ₹26.45 crore and a registration fee of ₹30,000.
Sumitomo Corporation was established in 1919 and is spread across Asia, Europe, America, and Africa. It deals in infrastructure, realty, media, metal products, transportation and construction systems, minerals, energy, and chemicals.
In another deal, Goisu Realty Private Limited had leased two adjoining plots of almost 3 acres in total in Mumbai's prime business district Bandra-Kurla Complex (BKC) from the Mumbai Metropolitan Region Development Authority (MMRDA) for 80 years for over ₹2,067 crore. In 2019, the Japanese firm had leased a 12,141 sq m land parcel in BKC from MMRDA for ₹2,238 crore.
Frequently Asked Questions
What is the value of the land deal between Goisu Realty and The Bombay Dyeing and Manufacturing Company?
The land deal is worth ₹440 crore.
What is the size of the land parcel acquired by Goisu Realty?
The land parcel is 8,054 square metres in size.
What is the larger agreement that this deal is a part of?
The deal is part of a larger agreement to acquire 22 acres in Worli for ₹5200 crore.
Who is the CEO of Bombay Realty?
Rahul Anand is the CEO of Bombay Realty.
What is the stamp duty and registration fee for the deal?
The deal attracted a stamp duty of ₹26.45 crore and a registration fee of ₹30,000.
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