Japanese conglomerate Sumitomo Corporation has formally signed an 80-year lease agreement for two Mumbai Metropolitan Region Development Authority (MMRDA) plots for a sum of Rs 2,067 crore. Measuring 2.94 acre, these plots are located in G Block of Bandra Kurla Complex (BKC), near Mumbai-Ahmedabad High Speed train and Metro rail stations. Sumitomo Corporation, through its subsidiary Goisu Realty, had bid successfully for two commercial plots C-69C and C-69D in G Block in October 2022. This marks the first land parcel auctioned by the authority in over 12 years since 2007. Throughout this period, the MMRDA had only allocated a few plots to select government entities.
According to the documents accessed by CRE Matrix, Goisu Realty paid a stamp duty of Rs 111.61 crore on the transaction. This is the second commercial plot Sumitomo Corporation has bid for. In July 2019, the Japanese conglomerate had won the bid for leasing a 12,486-sqm MMRDA plot in BKC for Rs 2,238 crore. Sumitomo Corporation’s biggest acquisition came earlier in September when it finalised a transaction with Bombay Dyeing Group to buy 22-acre land in Worli Wadia International Centre for Rs 5,200 crore.
See also: Bombay Dyeing to sell 18-acre land to Japan’s Sumitomo, say reports
Work has already started on the 3-acre plot Sumitomo leased in 2019 located next to One BKC. Fencing work has started on 69C and 69D. All three will be office blocks, while the Worli land is intended for office-led mixed-use development that could include office, residential and retail, according to media reports.
In the coming months, the MMRDA aims to generate an additional Rs 3,000 crore by monetising its land parcels in BKC. The authority has already invited bids for the lease of two more plots in the G block of the business district.
