L&T Realty set to co-develop a major project in Mumbai’s Bandra-Kurla Complex (BKC)

November 8, 2024: Buoyed by regulatory overhaul and infrastructure boom, Larsen & Toubro (L&T) has identified realty business as one of its growth engines for the next 10 years and plans to acquire land parcels while expanding pre-sales. It is looking for something in the range of 50-60 acres, mostly in Bangalore and NCR.

L&T Realty has signed a binding agreement with Valor Estate (formerly DB Realty) to co-develop a major project worth over Rs 20,000 crore on a 10-acre land parcel in Mumbai’s Bandra-Kurla Complex (BKC). The project will feature a mix of premium housing, commercial spaces, and five-star luxury hotel which boasts 1,000 rooms. This mixed-use development, situated next to the upcoming Bombay High Court complex, has a total development potential of over 7.5 million square feet. The 10-acre plot is part of a larger 13-acre area, currently home to approximately 5,500 families living in slums. These families will be rehabilitated as part of the development.

Valor Estate is tasked with vacating the land and obtaining necessary development approvals, expected to take 12-18 months. The entire project, including rehabilitation, is projected to be completed within 5-6 years. About 3.2 million square feet of land will be under rehabilitation, as part of the development project. Approximately 3.75 million square feet of land will be designated as the free-sale component, a portion of the development project that can be sold or leased at market rates by the developer. Out of this, 1.5 million square feet will be used to develop a luxury hotel, and 2.25 million square feet will be allocated for commercial, retail, and premium housing projects.

Source: Construction Week article