Japanese firm inks 80-yr lease with MMRDA for BKC plots

Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) has once again earned big bucks from its plot in Bandra Kurla Complex (BKC). Earlier this week, Japanese group Sumitomo Corporation formally inked an 80-year lease agreement for two MMRDA plots measuring 2.94 acre in G Block of BKC for a sum of ₹2,067 crore.

This plot is close to Mumbai-Ahmedabad High Speed train and Metro rail stations. The group through its subsidiary Goisu Realty Pvt Ltd had bid successfully for two commercial plots C-69C and C-69D in G Block in October 2022.

The plots span 11,885.20 sq meters and according to sources in the MMRDA, a formal agreement for the transaction was inked on September 3. According to real estate analytics firm CRE Matrix, who accessed the deal documents, the company Goisu Realty paid a stamp duty of ₹111.61 crore on the transaction.

This is the second commercial plot the global Japanese giant has bid for. In July 2019, it forayed into Mumbai real estate sector by winning the bid for leasing a 12,486-sq mt plot (3.08 acres) MMRDA plot in Bandra Kurla Compex for ₹2,238 crore.

“Goisu Realty’s acquisition of two prime commercial plots in Bandra Kurla Complex reaffirms Mumbai’s status as a thriving real estate hub. This monumental transaction, completed in record time, underscores the unwavering confidence in Mumbai’s growth potential and the resilience of its real estate market,” said Dr. Sanjay Mukherjee, Metropolitan Commissioner, MMRDA.

But the company’s biggest acquisition came earlier this month when it finalised a transaction with Bombay Dyeing Group to buy 22 acres of Wadia International Centre land in Worli for ₹5,200 crore. “Work has already started on the three-acre plot they 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,” said an industry expert.

In 1977, the MMRDA became the special planning authority for planning and development of BKC that spreads across 370 hectares.