Sumitomo’s ₹440 Crore Mumbai Real Estate Move

Sumitomo Corporation Group, through its subsidiary Goisu Realty, has successfully acquired a significant land parcel in Mumbai’s high-demand Lower Parel area for ₹440 crore. The transaction, involving a 8,054-square metre plot, forms a crucial part of a larger strategic land acquisition deal with The Bombay Dyeing and Manufacturing Company Limited.

The acquisition is part of a broader agreement valued at ₹5,200 crore, encompassing a total of 22 acres in Mumbai’s bustling Worli district. This deal is structured in two phases, with the recent transaction representing the completion of the second phase. The first phase, involving the sale of a larger portion of the land, was finalised last year. “The recent acquisition of the 8,054 sq m plot is the culmination of a composite deal with The Bombay Dyeing and Manufacturing Company,” said the CEO of Bombay Realty. “The initial part of this deal was executed last year, and the remainder, which had certain conditions, has been concluded this year. This transaction finalises our agreement with the Wadia Group entity.”

This acquisition marks a significant investment by Sumitomo Corporation Group, reflecting its confidence in Mumbai’s real estate market and its strategic commitment to expanding its footprint in the Indian property sector. The Worli area, known for its prime real estate and proximity to key business hubs, is poised to benefit from this investment, potentially enhancing the region’s appeal to both residential and commercial developers. The deal highlights the growing interest among international investors in Mumbai’s real estate market, driven by the city’s robust economic growth and evolving property landscape. As Sumitomo Realty & Development Company continues to expand its presence, the implications of this transaction could influence future trends in Mumbai’s property sector.