Bombay Dyeing and Manufacturing Company (BMDC), a Wadia Group company, authorised a plan to sell Goisu Realty a 22-acre tract of land in Worli, Mumbai, for Rs 5200 crore on Wednesday. In terms of value, this is Mumbai’s greatest land transaction.
BDMC will receive about Rs. 4,675 Cr. from the Buyer for Phase I, subject to shareholder approval. “The balance amount of about Rs. 525 Crs will be received upon completion of certain conditions by BDMC and execution & consummation of the definitive agreements thereto for Phase- II,” the company stated.
Last week, tempos parked outside Wadia International Centre (WIC), the location of the Wadia Group. They moved the chairman’s office to the Bombay Dyeing facility at Dadar-Naigaum as they were demolishing the building. The Wadia corporate offices also closed the Shilpa Shetty-owned Bastian restaurant, which was located behind them.
Bombay Dyeing gave up eight acres of its Dadar-Naigaum mill’s land to the BMC for leisure space and another eight acres to the state housing authority, Mhada, for public housing under the mill land policy. According to a BMC official, the developer will be eligible to transfer development rights for more than 82,000 square metres in exchange for turning up a portion of its land to the BMC and Mhada. On its half, the housing authority built residences for mill workers as well as buildings for transit accommodations.
In 2019, Goisu Realty, a division of the Japanese Sumitomo, leased a 12,141 sq m land lot in the Bandra-Kurla Complex from MMRDA for Rs 2,238 crore. Additionally, the Japanese company won the MMRDA’s tender last year for two BKC land parcels at Rs 2,067 crore.
Sumitomo Corporation, which has 886 group companies, also develops and manages office buildings, retail establishments, and homes in addition to logistical infrastructure and real estate funds.
Before this, the legal firm Wadia Ghandy, on behalf of an anonymous client, published a public notice seeking information regarding the right, title, and interest in the Worli property owned by the Bombay Dyeing and Manufacturing Co Ltd, which measures more than one lakh square metres.