Japan's Sumitomo pays Rs 2,238 crore for 3-acre Mumbai plot

Mumbai, Jul 17 (IANS): In one of the biggest investments by a foreign firm in the Maharashtra realty sector, Japanese major Sumitomo Corporation has bought a three-acre plot in the prime Bandra-Kurla Complex for Rs 2,238 crore, an official said here on Wednesday.

The plot, 'C-65', belongs to the Mumbai Metropolitan Region Development Authority and an offer letter for it was issued to Goisu Realty Pvt. Ltd. for an 80-year lease.

Maharashtra Chief Minister Devendra Fadnavis and other senior officials from the state government, MMRDA and the representatives from the buyer's side were present on the occasion.

The new owner will be permitted to construct an area of 65,000 square metres 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," remarked Fadnavis.

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.

It may be recalled that the Japanese MNC had bid for the plot last month which was confirmed by the MMRDA.

The bid, which works out to around Rs 745 crore per acre, is billed as among the biggest in the country in recent times, though the MMRDA officials declined to elaborate.

Established in 1919, the Tokyo-headquartered Sumitomo Corporation is spread across Japan, Asia, Europe, America, Africa, East Asia and other countries globally, dealing in infrastructure, realty, media, metal products, transportation and construction systems, minerals, energy and chemicals.


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Title : Japan's Sumitomo pays Rs 2,238 crore for 3-acre Mumbai plot


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