Japanese conglomerate Sumitomo has submitted a massive bid of Rs 2,238 crore for a three-acre plot in Bandra-Kurla Complex.
New Delhi, June 25: Japanese conglomerate Sumitomo has submitted a massive bid of Rs 2,238 crore for a three-acre plot in Bandra-Kurla Complex.
This equates to around Rs 745 crore per acre, which is perhaps the largest land deal in the country per acre.
The bid is currently being processed, a senior officer of the Mumbai Metropolitan Region Development Authority told TOI.
The plot is situated near Jio Garden and was put on the block several months ago as it didn't find any takers."Sumitomo has paid an insane price, but it is obvious it wants a presence in a prime commercial enclave like the BKC," an expert told TOI
The reserve price for the plot was fixed at Rs 3.44 lakh per sq m.
In 2010, the Lodha Group had offered the highest bid of Rs 4,050 crore for MMRDA's 6.2-acre plot in Wadala. It worked out to Rs 653 crore per acre. However, the payment was spread in instalments over five years.
The MMRDA official said Sumitomo will be entitled to use a floor space index (FSI) 4 on the plot which will allow the company a built-up area of close to 10 lakh sq ft.
The Sumitomo's real estate company is looking to capitalise India's growing rent-yielding office parks.This deal also hints at the growing economic and business ties between India under PM Modi and Japan's Shinzo Abe.
This particular deal has the potential to perk up Mumbai's sluggish real estate market.
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