Sumitomo, a Japanese conglomerate shook Mumbai’s real estate market by submitting a bid of worth Rs. 2,238 crore to acquire a 3-acre plot in Bandra-Kurla Complex. According to the real estate experts, this will be the largest land deal on the basis of acres in India as the bid quotes approximately Rs.745 crore per acre.
An MMRDA official informed that the Sumitomo’s bid is received and the process on the same is currently underway. This plot shares boundary with the Jio Garden and two more was put to block a few months ago. But, the liquidity crunch didn’t allow any of the city-based developers to take up the plot.
The real estate experts feel that the Japanese company is too keen to mark its presence in Mumbai’s property market and thus made such a big amount of bid. The actual reserve price for this plot was fixed at Rs 3.44 lakh per sq m.
According to the MMRDA official, the Sumitomo group can use a floor space index (FSI) 4 on the plot and this gives the Japanese firm a built-up area of 10 lakh sqft approximately.
This Japanese firm is the owner of Mazda Motors and is already in business with India that includes companies like Sumitomo Mitsui Financial Group, NEC Corporation and Nippon Steel.