Wadia-backed Bombay Realty to Launch Mega Luxury Project in Dadar
Wadia Group's Bombay Realty is set to make a grand return in the real estate sector with a premium residential project in Dadar, Mumbai. The project, named Three ICC, will feature 500 units across three wings on a 4.5-acre plot, with prices ranging from ₹15-30 crore.
Real EstateLuxury ProjectBombay RealtyWadia GroupDadarReal Estate NewsOct 19, 2025
The developer is planning to launch a premium residential project named Three ICC at the Island City Center (ICC), a gated community in central Mumbai's Dadar locality. The project will have around 500 units across three wings, developed over 4.5 acres of the overall 17-acre land parcel. The first wing will feature large residences with private sundecks, priced between ₹15-30 crore.
This project follows the successful delivery of One ICC and Two ICC, two residential towers at the Island City Center. The Wadia Group had a real estate arm but launched it formally as Bombay Realty in 2011 with the flagship Island City Center project. However, the company's efforts in this sector were inconsistent. Over the past 2-3 years, the group has been planning to revitalize its focus on real estate, undertake new projects, and monetize its land holdings. This year marks the beginning of their renewed efforts.
Shares of Bombay Dyeing closed little changed at ₹172.65 apiece on the BSE on Friday. The renewed focus on rebuilding the business is being led by Jeh Wadia, the younger son of Nusli Wadia, chairman of Bombay Dyeing.
“Real estate has emerged as one of the most promising growth sectors in India, and we believe the timing is ideal to strengthen our presence. For the group, real estate represents both a high-potential growth engine and a strategic diversification opportunity. Over the last few years, the residential segment—especially the premium and luxury categories—has seen a sharp rise in demand, backed by improved infrastructure, enhanced connectivity, and a shift in consumer aspirations post-pandemic,” Rohit Santhosh, chief executive officer, Bombay Realty, said in an interview with Mint. Santhosh joined the company in mid-September.
Besides the launch of Three ICC, the company is also planning future developments. It aims to unlock its existing land parcels, both in Mumbai and beyond, for various projects. The company is evaluating opportunities across residential, commercial, and mixed-use formats, aspiring to establish a strong pan-India footprint over time. The Dadar land itself has potential for more projects after the soon-to-be-launched Three ICC.
“Bombay Realty has a unique advantage: large, self-owned land parcels in prime locations across Mumbai. This allows us to develop projects without the cost pressures faced by developers who have to acquire land at current high valuations. Combined with the Wadia Group’s strong balance sheet and legacy of trust and quality, we are entering this phase with a position of strength,” Santhosh added.
Property analysts believe that although the real estate sector is quite crowded and competitive, corporate developers enjoy the distinct advantage of their brand value.
“This is a good time to be in real estate. Developers backed by conglomerates or corporate groups are doing very well as home buyers display a clear preference for branded developers,” said Anuj Puri, founder of Anarock Property Consultants. He added that Bombay Dyeing's brand and reputation, along with its retail customer reach, would significantly benefit its real estate business.
In 2024, Bombay Dyeing concluded a two-phase deal with a unit of Japan's Sumitomo Corp., selling 22 acres of prime land in Mumbai's upmarket Worli locality for ₹5,200 crore, in possibly the largest land transaction in the country. The company had stated in 2023, when the deal was first announced, that the sale would help pare debt and strengthen the balance sheet.
For now, Bombay Realty is focusing on its first launch after a long real estate sabbatical. Mohit Ramsinghani, head of sales, marketing, and customer relations at Bombay Realty, said that inquiries about the project have been encouraging, and given the appetite for luxury projects, they are expecting a good response from home buyers.
Frequently Asked Questions
What is the name of the new project by Bombay Realty in Dadar?
The new project by Bombay Realty in Dadar is named Three ICC.
How many units will the Three ICC project have?
The Three ICC project will have around 500 units across three wings.
What is the expected price range for the units in Three ICC?
The units in Three ICC are expected to be priced between ₹15-30 crore.
Who is leading the renewed focus on real estate for the Wadia Group?
The renewed focus on real estate for the Wadia Group is being led by Jeh Wadia, the younger son of Nusli Wadia, chairman of Bombay Dyeing.
What is the advantage of Bombay Realty in the real estate market?
Bombay Realty has a unique advantage with large, self-owned land parcels in prime locations across Mumbai, allowing them to develop projects without the cost pressures faced by developers who have to acquire land at current high valuations.
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