Sumitomo Realty Bets on Mumbai’s Serviced Apartments
MUMBAI: Sumitomo Realty and Development, Japan’s third-largest developer, is set to expand its operations in India with a unique approach: focusing on Mumbai and managing apartments instead of selling them, executives told Reuters. Japanese developers are increasing their footprint in India’s $300 billion real estate market, drawn by rising rents and significantly lower construction costs than in Tokyo, New York, or London. Companies like Mitsui Fudosan and U.S.-based Blackstone have been expanding across India through partnerships with local developers or acquiring completed buildings, in light of slow land acquisition processes. In contrast, Sumitomo is focusing on Mumbai and opting for…