Larsen & Toubro real-estate unit to co-develop Rs 8,00cr worth projects in MMR

Larsen & Toubro said that its real-estate development arm — L&T Realty has signed three projects worth INR 8,000 crores ($1bn) in prime locations of the Mumbai Metropolitan Region.

L&T Realty has entered into a binding agreement to co-develop projects in South Mumbai, Western Suburbs, and Thane with a development potential of 4.4 million square feet.

The agreement is part of L&T Realty’s larger plan to bolster its presence in major metros by adding nearly five million square feet per annum over the next five years.

Shrikant Joshi — L&T Realty MD & CEO said: “We are committed to expanding our reach and continue looking into new markets. With signature elements from L&T Realty, these projects will have iconic features that are designed keeping in mind global norms of excellence while also being a testament for their trust on us with faster execution capabilities.”

Larsen & Toubro real-estate development unit L&T Realty to co-develop Rs 8,00cr worth projects in Mumbai Metropolitan Region

The South Mumbai project is a residential complex with 50-storey twin towers with luxury amenities and retail. It will be built over a five-acre-land parcel that gives a clear view of the harbor along with good connectivity to different parts of Mumbai.

The project in Western Suburb will be a modern gated residential complex in a prime location of Andheri. It will have 20 towers along with a shopping complex.

The Thane project will comprise high-rise residential towers which will be developed by L&T Realty on a six-acre land parcel in the heart of the city.