Japan's Sumitomo pays 2,238 cr for three-acre plot in BKC

In one of the biggest investments by a foreign firm in the Maharashtra realty sector, Japanese major Sumitomo Corporation has bought a three-acre plot in the prime Bandra-Kurla Complex for Rs 2,238 crore, an official said here on Wednesday. The plot, 'C-65', belongs to the Mumbai Metropolitan Region Development Authority and an offer letter for it was issued to Goisu Realty Pvt. Ltd. for an 80-year lease. Maharashtra Chief Minister Devendra Fadnavis and other senior officials from the state government, MMRDA and the representatives from the buyer's side were present on the occasion. The new owner will be permitted to construct an area of 65,000 square metres on the 12,486-sq mt plot (a little over 3 acres) situated in the G Block of the Bandra-Kurla Complex (BKC). "This is one of the largest investments by an overseas firm in the state realty sector. In next five years, the graph of progress of Sumitomo will add few more numbers. After the International Financial Services Centre is completed, the BKC will be a place of global happenings," remarked Fadnavis. He described the deal as a "win-win" for both Sumitomo and MMRDA which has opened a new door for global investors.