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In a significant move in the real estate sector, Bombay Dyeing, a distinguished name with a 144-year legacy, has set its sights on becoming a major player in the listed real estate space. This ambitious vision comes on the heels of the sale of its prime Worli land parcel to Japan's Sumitomo for a staggering Rs 5,200 crore, marking a pivotal moment in the company's storied history.
One of the most prominent projects in Bombay Dyeing's pipeline is a colossal undertaking in the bustling Dadar area of Mumbai, spanning an impressive 3.5 million square feet. However, this flagship project is just the beginning of Bombay Dyeing's grand aspirations. The company is actively exploring opportunities for joint ventures and joint developments with landowners, in addition to the development of land parcels owned by group companies through Bombay Realty, its dedicated real estate subsidiary.
However, Bombay Dyeing's vision extends far beyond the boundaries of Mumbai. The company has identified approximately 11 acres of land in scenic hill stations like Matheran and Mahabaleshwar, as well as in the industrial belt of Patalganga in Maharashtra. These tranquil locales offer a prime canvas for the construction of not only holiday homes but also much-needed warehousing facilities.
What sets Bombay Dyeing apart is its commitment to profitability, not only for itself but also for its landowners. Their expansion strategy isn't confined to Mumbai; they are open to exploring opportunities in other cities, provided that these projects align with their profitability criteria. The exact nature of these ventures, whether they be data centres or warehousing facilities, will depend on the specific land parcels that become available.
Bombay Dyeing's financial performance has been robust. Between April 2022 and June 2023, the company recorded a net revenue of approximately Rs 1,050 crore through the sale of flats in the ICC (Island City Centre) project. This influx of funds played a pivotal role in reducing the company's borrowings by about Rs 900 crore during the same period.
Bombay Realty, a subsidiary of Bombay Dyeing, has played a pivotal role in propelling the company's real estate endeavours. Notably, they have contributed to the development of Springs, an impressive 40-storey tower situated in Dadar. Furthermore, they have successfully brought to fruition two opulent towers, One ICC, soaring to an impressive 59 storeys, and Two ICC, an imposing 65-storey structure, as part of the Island City Centre project in the same vicinity.
Lastly, Bombay Dyeing, buoyed by the success of its Worli land sale, is now poised to become a "significant player" in the listed real estate space. This strategic shift signifies Bombay Dyeing's commitment to expanding its presence in the real estate market and undertaking marquee projects that could potentially redefine industry standards.
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