Japan's Sumitomo buys land in Bandra Kurla Complex for Rs 2,238 crore

Sumitomo was expected to house its buildings on the plot

Company News: In the biggest land deal in the country, Japanese company Sumitomo has bought a three-acre land parcel in the tony Bandra Kurla Complex of Mumbai from the city’s nodal agency Mumbai Metropolitan Regional Development Authority (MMRDA) for Rs 2,238 crore.

Given that the 12,486 square metres plot has a buildable area of 650,00 square metres or 699,400 square feet, the deal works out to be about Rs 32,000 a sq ft. Recently, Blackstone bought 700,000 sq ft property in One BKC building in the same area for Rs 2,600 crore or Rs 37,000 a sq ft.

“Though the price quoted by Sumitomo was on the higher side, it sounds reasonable as it was for self-use,” said Anuj Puri, chairman of Anarock Property Consultants. Read More

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