The company has entered into a binding agreement to jointly develop projects in South Mumbai, Western Suburbs and Thane worth Rs 8,000 crore, with development potential of 4.4 million square feet,” L&T Realty said in a statement.
L&T Realty on Monday said it has signed agreements to jointly develop projects worth Rs 8,000 crore in Mumbai region as part of its expansion plan. L&T Realty is the real estate development arm of Larsen & Toubro. “The company has entered into a binding agreement to jointly develop projects in South Mumbai, Western Suburbs and Thane worth Rs 8,000 crore, with development potential of 4.4 million square feet,” L&T Realty said in a statement. The company did not disclose the name of companies with whom it has signed agreements.
L&T Realty said this is a part of the company’s larger plan to strengthen its footprint in major metros by adding around 5 million square feet per year over the next five years. Shrikant Joshi, MD & CEO, L&T Realty said, We are committed to expanding our reach and continue looking into new markets.” The South Mumbai project will be developed over a land parcel of 5 acres. This residential complex will have 50-storey twin towers with luxury amenities and retail. The project in Western Suburb is set in a prime location of Andheri. This would be L&T Realty’s first project in Western Suburb and the company will develop a residential complex comprising 20 towers with a modern shopping complex.
The Thane project will be developed on a 6-acre land parcel in the heart of the city. Surrounded by good social infrastructure and with ample amenities in-house, these high-rise residential towers will stand tall in the skyline of Thane. L&T Realty has an extensive portfolio spanning 70 million square feet across residential, commercial and retail developments. It is present in Mumbai, Navi Mumbai, Bengaluru, Chennai, and to some extent in NCR and Hyderabad. Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.