Japan's Sumitomo Acquires Bombay Dyeing's 2-Acre Worli Land for Rs 440 Crore

Japan's Sumitomo Acquires Bombay Dyeing's 2-Acre Worli Land for Rs 440 Crore

Japan's Sumitomo Acquires Bombay Dyeing's 2-Acre Worli Land for Rs 440 Crore

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.
About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/