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 the city’s Lower Parel area for ₹440 crore, property registration documents accessed through real estate data analytics platform Propstack showed.
The deal is part of a larger agreement to acquire 22 acres in Worli for ₹5200 crore.
“This is a part of a two-phased deal inked with the Wadia Group entity last year for a 22-acre land parcel,” CEO of Bombay Realty, Rahul Anand, told HT.com. “It was a composite deal, sale of a 22-acre land parcel which was divided into two parts. One was the larger part which got over last year and the smaller part had some conditions which were linked to it, which we completed this year,” he explained.
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Bombay Dyeing had approved the sale of the land parcel to Goisu Realty for ₹5,200 crore last year. While Bombay Dyeing had to surrender eight acres of land to the BMC and MHADA as part of the mill land policy, 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.
As per the Deed of Transfer, the deal attracted a stamp duty of ₹26.45 crore and a registration fee of ₹30,000.
HT.com’s query to Sumitomo Corporation remained unanswered.
More details on the deal
The sale deed showed that the said plot was a part of a larger land parcel, a section of which measuring 5,726.32 square metre housed a commercial structure named Wadia Tower-A. The building comprising three basement levels, a ground floor, eight upper floors and a terrace was sold to Axis Bank in 2010.
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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.
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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.
