Japan's Sumitomo buys 3-acre Mumbai plot for Rs2,238 crore
19 July 2019
Japanese conglomerate Sumitomo Corporation has bought a three-acre plot in Mumbai’s prime Bandra-Kurla Complex for Rs2,238 crore, marking one of the biggest investments in Mumbai’s realty sector by a foreign firm.
The plot, C-65, was leased out by the Mumbai Metropolitan Region Development Authority (MMRDA) to Goisu Realty Pvt Ltd for an 80-year period and an offer letter has been issued to the lessee, official sources said on Wednesday.
The lease deed authorises construction a 65,000 square metre area on the 12,486-sq mt plot (a little over 3 acres) situated in the G Block of the Bandra-Kurla Complex (BKC).
"This is one of the largest investments by an overseas firm in the state realty sector. In next five years, the graph of progress of Sumitomo will add few more numbers. After the International Financial Services Centre is completed, the BKC will be a place of global happenings," Maharashtra chief minister Devendra Fadnavis, who was witness to signing the deal said.
He described the deal as a "win-win" for both Sumitomo and MMRDA which has opened a new door for global investors.
MMRDA Commissioner R A Rajeev said that many more global corporates are expected to show interest in investing in the ever-developing BKC in central Mumbai with easy connectivity to the eastern and western suburbs and south Mumbai.
Sumitomo had last month successfully bid for the plot quoting around Rs745 crore per acre, which is seen as one of the biggest realty deals in the country in recent times.
Tokyo-based Sumitomo Corporation has a presence across infrastructure, realty, media, metal products, transportation and construction systems, minerals, energy and chemicals and has a presence across the globe, including countries in Asia, Europe, the Americas, Africa, East Asia.