TOKYO/MUMBAI — Sumitomo Realty & Development is embarking on a 500 billion yen ($3.34 billion) redevelopment undertaking in downtown Mumbai, Nikkei has discovered, as Japanese builders flock to fast-growing rising economies with wholesome workplace markets.

The Japanese developer plans to construct places of work, a lodge and industrial amenities on a roughly 80,000-sq.-meter former manufacturing unit web site. This shall be among the many largest actual property initiatives in India to be dealt with by a international firm by itself.