Sumitomo Acquires Prime 2 Acre Worli Land from Bombay Dyeing for INR 440 Crore Strengthening Its Presence in Indian Real Estate

Worli, Mumbai:

Japan’s Sumitomo Corporation Group has made a major move in Mumbai’s real estate market by acquiring a nearly 2-acre prime land parcel in Worli from the Wadia Group’s Bombay Dyeing & Manufacturing Company for ₹440 crore. This deal further solidifies Sumitomo’s presence in one of Mumbai’s most sought-after localities.

Deal Structure and Key Partners

Goisu Realty, a subsidiary of Sumitomo Realty & Development Company, facilitated this acquisition, including the valuable Floor Space Index (FSI) tied to the land. The land was sold by Bombay Realty, the property development arm of Bombay Dyeing.

This transaction is part of a larger deal, with Sumitomo previously entering an agreement to acquire a total of 22 acres in Worli for ₹5,200 crore. The first phase of the transaction saw Sumitomo paying ₹4,675 crore, with the remaining ₹525 crore tied to the completion of specific conditions and agreements.

Stamp Duty and Documentation

The transaction was officially registered on August 13, 2024, with a stamp duty of ₹26.45 crore paid for the deal, according to documents obtained from real estate data analytics firm Propstack.

Sumitomo’s Growing Indian Real Estate Portfolio

This acquisition adds to Sumitomo’s expanding footprint in the Indian real estate market. Last year, the company also secured a nearly 3-acre parcel of land in Bandra-Kurla Complex (BKC) through an 80-year lease from the Mumbai Metropolitan Region Development Authority (MMRDA), worth over ₹2,067 crore.

About

Sumitomo Realty & Development, one of Japan’s top real estate developers, has been strategically increasing its presence in India, capitalizing on the growing demand for premium office spaces and residential projects. The company aims to leverage its expertise in infrastructure and sustainable development to cater to India’s rapid urbanization and economic growth.