Mumbai Japanese MNC bids Rs 2,238 crore for three-acre BKC plot


Mumbai Japanese MNC bids Rs 2,238 crore for three-acre BKC plot

If you love to know the various ups and downs in the real estate industry of India, you would definitely have heard something about the Mumbai Japanese MNC Bid which was made of Rs 2,238 crore for the Bandra-Kurla plot shortly known as BKC. Of course, the Japanese corporation Sumitomo has stunned the latent property market of Mumbai by putting forward such a large bid for the 3-acre plot in the Bandra-Kurla Complex.

According to some genuine real estate resources of the nation, this deal can be the largest land deal that has ever been made for buying a 3-acre property. You can also estimate that the Japanese Corporation has made this bid on Rs 745 crore per acre. Mumbai Metropolitan Region Development Authority's senior officer told that Sumitomo made the exclusive and solo bid and the department has been processing this bid at the present moment.

Know the Bandra-Kurla Complex (BKC) Closely

To be truly honest with you, the Bandra-Kurla Complex (BKC) is one of the most flourishing commercial-cum- housing centers with luminous office buildings as well as charming shelter towers. Almost 40 years ago, this complex was established and the augment in the price was not anticipated by the property industry of Mumbai. It is vital to know about the Current updates on real estate. In the year 1975, the land price was Rs 3,000 per sq m which take a high rise of Rs 3 Lakh in the year 2016.

  • In the BKC, there are nearly 300 buildings
  • However, the reserve worth for the plot was present at Rs 3.44 lakh per sq m
  • This Bandra-Kurla (BKC) Complex has been surrounded by three major hubs which are Jio Garden, MCA Ground, as well as Bharat Diamond Bourse.

Earlier made bids 

Before this stunning bid made by the Japanese Corporation, the Lodha Group has also tried to pay the highest bid of Rs 4,050 for Mumbai Metropolitan Region Development Authority's 6.2-acre plot in Wadala. In addition, the payment was stretched in the parts over five years. In fact, the Japanese Company has made the highest deal ever for owning a 3-acre land in India. 

Highlights of the bid 

Now, you will unquestionably have more Goosebumps after knowing about such a huge land deal. As a result, you would love to focus on the key highlights of the deal and bid made by the Japanese Company. When you are searching out for the Current updates on real estate now, this news can be imperative for you. For the same intention, let’s take a glimpse at the key highlights of the bid with the help of the following points: 

  • The senior officer of MMRDA has made it clear that Sumitomo has processed the highest bid. 
  • The plot is bordered by Jio Garden, MCA Ground, and Bharat Diamond Bourse 
  • This plot was put on the block a few months ago but later on, nothing was concluded by the local developers due to the stagnant property market of Mumbai 
  • This bid is probably the highest ever bid made for owning a 3-acre land in India 
  • The Japanese Company paid the record price of Rs 745 crore for the land 
  • According to the experts of the same market, Sumitomo has paid such insane price to make a presence in the commercial enclave like BKC

Different Angles to see the bid 

As the deal is becoming a topic of gossip among the world, it can be better to see the same deal from other different angles.  You can start with Current updates on real estate and following up the business bonds between India and Japan.  Here are some of the interesting things that perhaps you need to know:  

  • Sumitomo is among the top and oldest business companies in Japan. Maybe, the company is looking forward to increasing the financial and business relations between India and Japan. 
  • Likewise, it can be concluded that Indian Prime Minister Narendra Modi and Japan Prime Minister Shinzo Abe both want to strengthen the economic and business bonds. Consequently, this bid can be a great initiative in that particular direction which both countries want.
  • You may have heard about Sumitomo Mitsui Financial Group, Mazda Motors, NEC Corporation, and Nippon Steel. These are some of the firms that Sumitomo owns. In India, Sumitomo has some sort of Indian footprint.

Hopefully, you have amassed some critical information and details about the Mumbai Japanese MNC bids which was of Rs 2,238 Crore for a 3-acre plot in BKC.