BKC may see another landmark deal as Japanese firm bids 2,238 crore for 3-acre plot

BKC may see another landmark deal as Japanese firm bids 2,238 crore for 3-acre plot
If Sumitomo Corporation wins the bid, it may be entitled to a floor space index (FSI) of 4 permissible on the plot or a built-up area of approximately a million square feet (Representational Image, Courtesy: Subodh M)

Days after marking one of the biggest single building deals in the country, Bandra-Kurla Complex (BKC) may see yet another high profile purchase after a Japanese firm bid a staggering Rs 2,238 crore for a three-acre plot in the business district.

Dilip Kawathkar, Executive Director of Mumbai Metropolitan Region Development Authority (MMRDA), confirmed that the planning authority received the bid from Japanese multinational corporation (MNC) Sumitomo Corporation for the plot.

The bid will have to be scrutinised and evaluated, in addition to undergoing the requisite processes and other formal approvals, before it can be finalised.

Even as MMRDA officials are reluctant to share more details, the bid, which works out to around Rs 745 crore per acre, is billed among the biggest in the country in recent times.

Officials said if Sumitomo Corporation wins the bid, it may be entitled to a floor space index (FSI) of 4 permissible on the BKC plot, or a built-up area of approximately a million square feet.

Established in 1919, the Tokyo headquartered Sumitomo Corporation is spread across Japan, Asia, Europe, America, Africa, East Asia and other countries globally.

It deals in infrastructure, realty, media, metal products, transportation and construction systems, minerals, energy, and chemicals.

The development comes days after US-based Blackstone Group finalised the purchase of 7,00,000 sq ft prime office space in the One BKC building for Rs 2,500 crore.

The private equity firm bought One BKC project’s entire A wing, which boasts of 650,000 sq ft of office space fully leased to tenants like Facebook, Bank of America, Trafigura Group, Brookfield, Amazon among others.

The deal is possibly the largest for a single commercial building in the country and the biggest in BKC till date.

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