Wadia-backed Bombay Realty to return with mega luxury project in Dadar

Over the past few months, the company has put together a fresh team, and recently appointed a new chief executive to head the real estate business.

The developer is planning to first launch a premium residential project named Three ICC at the Island City Center (ICC), a gated community, in central Mumbai’s Dadar locality this year.

The project, which will have around 500 units across three wings, will be developed over 4.5 acres, of the overall 17-acre land parcel. The first wing will have large residences, with private sundecks, with a price tag of ₹15-30 crore.

The project follows One ICC and Two ICC, two residential towers at Island City Center, that have been already been delivered.

The group already had a real estate arm, but formally launched it as Bombay Realty in 2011 with its flagship Island City Center project. However, the company pursued it in a staggered, uneven manner.

Over the past 2-3 years, the company, backed by the Wadia Group, has been planning to revive its focus on real estate, take up new projects and monetize its land holdings. But it is only this year that it started acting on it.

Shares of Bombay Dyeing closed little changed at ₹172.65 apiece on the BSE on Friday.

The renewed focus on rebuilding the business is being led by Jeh Wadia, the younger son of Nusli Wadia, chairman of Bombay Dyeing.

“Real estate has emerged as one of the most promising growth sectors in India, and we believe the timing is ideal to strengthen our presence. For the group, real estate represents both a high-potential growth engine and a strategic diversification opportunity. Over the last few years, the residential segment—especially the premium and luxury categories—has seen a sharp rise in demand, backed by improved infrastructure, enhanced connectivity, and a shift in consumer aspirations post pandemic,” Rohit Santhosh, chief executive officer, Bombay Realty, said in an interview with Mint. Santhosh joined the company in mid-September.

Besides the launch of Three ICC, the company is also planning future developments. It aims to unlock its existing land parcels, both in Mumbai and beyond for projects. It is evaluating opportunities across residential, commercial and mixed-use formats, and aspires to establish a strong pan-India footprint over time.

The Dadar land itself has potential to do more projects, after the soon-to-be-launched Three ICC.

“At Bombay Realty, we have a unique advantage: large, self-owned land parcels in prime locations across Mumbai. This allows us to develop projects without the cost pressures faced by developers who have to acquire land at current high valuations. Combined with the Wadia Group’s strong balance sheet and legacy of trust and quality, we are entering this phase with a position of strength,” Santhosh said.

Property analysts believe that though the real estate sector is quite crowded and competitive, corporate developers enjoy the distinct advantage of their brand value.

“This is a good time to be in real estate. Developers backed by conglomerates or corporate groups are doing very well as home buyers display a clear preference for branded developers,” said Anuj Puri, founder, Anarock Property Consultants.

Bombay Dyeing’s brand and reputation, and its retail customer reach is substantial, and that would help its real estate business as well, Puri added.

In 2024, Bombay Dyeing concluded a two-phase deal with a unit of Japan’s Sumitomo Corp., selling 22 acres of prime land in Mumbai’s upmarket Worli locality for ₹5,200 crore, in possibly the largest land transaction in the country.

The company had said in 2023, when the deal was first announced, that the sale would help it pare debt and strengthen the balance sheet.

For now, Bombay Realty is focusing on its first launch after a long real estate sabbatical.

Mohit Ramsinghani, head of sales, marketing and customer relations, Bombay Realty, said that enquiries about the project have been encouraging, and given the appetite for luxury projects, they are expecting a good response from home buyers.