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Bombay Dyeing, one of India's leading textile companies, is poised to offer approximately 18 acres of its mill land in the prestigious Pandurang Budhkar Marg locality in Worli to the prominent Japanese conglomerate Sumitomo for a staggering sum of around Rs. 5,000 crore.
This move comes following a recent public notice, released earlier this week by the law firm Wadia Ghandy, representing an undisclosed client interested in investigating the legal rights, ownership, and interests associated with a vast land parcel spanning over one lakh square meters belonging to Bombay Dyeing and Manufacturing Co Limited.
While the identity of the buyer remains shrouded in secrecy, this transaction could potentially signify a significant foray or expansion into Mumbai's real estate market by the Japanese corporation.
Mumbai continues to dominate the real estate landscape, accounting for over 267 acres, representing nearly 30% of the country's major land deals in FY23. Notably, the Arkade Group completed the acquisition of an approximately 8,300 square meter plot in the eastern suburb of Mulund West from Hercules Hoists Limited, a company under the Bajaj Group, marking the first significant land transfer in Mumbai for an amount exceeding Rs. 100 crore in FY23.
Additionally, K Raheja Corp Realty Pvt Ltd made headlines by purchasing a land parcel spanning 3.72 acres along Lal Bahadur Shastri Marg in Mulund West for a premium residential project, valued at Rs. 130 crore. This represents the second-largest land acquisition by the company in Mumbai's eastern suburbs.
In February, Mumbai witnessed what appeared to be the most significant land deal of the year, involving the sale of a 23-acre land parcel in Andheri West by Bai Kabibai Charity Trust to Arogya Bharati Hospitals for a staggering Rs. 540 crore.
Furthermore, Godrej Properties secured an 18-acre land parcel in Kandivali for the development of a luxury housing project, with an estimated revenue potential of around Rs. 7,000 crore. In another notable move, the company acquired the iconic bungalow of legendary film actor, director, and producer Raj Kapoor in Chembur, Mumbai, with plans for a luxury housing project.
In FY23, the Mumbai Metropolitan Region (MMR) led in terms of land deals, with 19 acquisitions proposed for residential or plotted developments, totaling approximately 193 acres. The top developers involved in these land acquisitions during the financial year included Godrej Properties, Birla Estates, Gaurs Group, Sobha Ltd., Oberoi Realty, Ajmera Realty, Mahindra LifeSpaces, M3M Group, Gera Developers, among others.
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