Mumbai Real Estate Market and Sumitomo R&D‘s India Strategy

研报英文原文证据摘录

Mumbai Real Estate Market and Sumitomo R&D‘s India Strategy

Foundation

July 23, 2026 08:00 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MReal Estate | Japan Toshiyuki Anegawa

Equity Analyst

Mumbai Real Estate Market and Toshiyuki.Anegawa@morganstanleymufg.comMorgan Stanley Asia Limited+ +81 3 6836-8914

Praveen K Choudhary

Equity AnalystSumitomo R&D's India Strategy Praveen.Choudhary@morganstanley.com +852 2848-5068

Sumitomo R&D's India business marks a long-term growth Morgan Stanley India Company Private Limited+

Monica Dasoju

Equity Analyststrategy to replicate its 'Tokyo Model' in Mumbai. While near-

Monica.Sharma@morganstanley.com +91 22 6118-1154

term rerating will likely depend on central Tokyo office

fundamentals and capital policy, we see monetization progress

in India as a key driver of enhanced longer-term corporate value.

Key Takeaways

Real Estate

Sumitomo R&D is deploying its 'Tokyo Model' of long-term ownership in Mumbai Japan

Industry View In-Line

Seeks a 2nd business platform via concentrated investment in BKC and Worli

With 1st BKC project, we expect India earnings contribution to begin from F3/28

Rerating to hinge on Tokyo office rent growth + improving RoNAV/investor return

But as monetization of the India business progresses, the valuation framework

could expand from a domestic to a domestic-plus-global growth story

Replicating 'Tokyo Model' in Mumbai: We see India as key for boosting longer-term

corporate value. The essence of Sumitomo R&D's India strategy is to replicate in

Mumbai the success of office leasing/long-term ownership model in central Tokyo. It

is gaining assets in core districts (BKC, Worli), and we view the ~¥1tn investment not

just as an overseas project, but an effort to form a 2nd platform.