Wadia property may get sold for Rs 5,000 cr in Mumbai's biggest land deal

In what could turn out to be Mumbai's largest land deal in terms of value, Japanese conglomerate Sumitomo is expected to acquire 18 acres of Bombay Dyeing's mill land on Pandurang Budhkar Marg in Worli for approximately Rs 5,000 crore, according to a report by The Times of India (TOI).

Law firm Wadia Ghandy had issued a public notice earlier this week on behalf of its unnamed client, wanting to get details about the Bombay Dyeing and Manufacturing Co Ltd land measuring over 100,000 square metre (sqmt) at Worli.

The Wadia International Centre (WIC), the Wadia Group headquarters is being vacated and the chairman's office has shifted to the Bombay Dyeing property at Dadar-Naigaum.

 

TOI quoted sources as saying that the 18-acre real estate property in central Mumbai controlled by Nusli Wadia is being sold to Japanese conglomerate Sumitomo in Mumbai's largest land deal by value. Brookfield Asset Management had acquired Hiranandani Group's offices and retail space in Powai for Rs 6,700 crore some years ago, but the Brookfield deal was for complete buildings, while the Wadia deal is for vacant land.

The Wadia International Centre (WIC ) was meant to be built as a "luxury mixed-use" development of residences, a luxury hotel, offices and a mall. According to the TOI report, the Wadias decided to hive off this property and shift its offices to Dadar-Naigaum.

Bombay Dyeing surrendered eight acres to the Brihanmumbai Municipal Corporation (BMC) for recreation space and another eight acres to the state housing authority, Mhada, for public housing from its Dadar-Naigaum mill property.

A BMC official stated that Bombay Dyeing will be eligible for the transfer of development rights of over 82,000 sqmt for surrendering part of its land to the BMC and Mhada.

In 2019, Goisu Realty, a unit of Sumitomo, leased a 12,141 sqmt land parcel in Bandra-Kurla Complex (BKC) from MMRDA for Rs 2,238 crore. Sumitomo also bagged a tender floated by the MMRDA for two land parcels in BKC for Rs 2,067 crore. Sumitomo Corporation is in the business of developing and operating office buildings, retail facilities and residences.

Because of his position as the sole administrator of the F E Dinshaw Charities and F E Dinshaw Trust, Nusli Wadia, the Wadia Group chairman, is seen as one of the largest private landowners in Mumbai. According to reports, the Dinshaw land holdings were once spread over 1,500 acres, mainly in the western suburbs of Malad and Borivli.