L-;T Realty inks pact to develop project worth Rs8,000 crore in prime locations of MMR; stock spurts ~3%

18 Jul 2022 , 02:48 PM

L&T Realty, Larsen & Toubro’s real-estate development arm, announced its expansion plans in the Mumbai market to drive growth.

The company has entered into a binding agreement to jointly develop projects worth Rs8,000 crore in South Mumbai, Western Suburbs, and Thane, with a development potential of 4.4 million square feet.

This is part of the company’s larger plan to expand its footprint in major cities by adding approximately 5 million square feet per year over the next five years.

The South Mumbai project will be built on a five-acre plot of land with a clear harbor view and good connectivity to the rest of Mumbai. This residential complex will feature twin 50-story towers with luxury amenities and retail space.

The project in Western Suburb is located in the prime area of Andheri. This will be L&T Realty’s first project in the Western Suburbs, and the company further envisages building a modern gated residential complex with 20 towers and a modern shopping complex.

The Thane project will be built on a 6-acre plot of land in the heart of the city. These high-rise residential towers will stand tall in Thane’s skyline, surrounded by good social infrastructure and ample amenities on-site.

L&T Realty has a 70 million square foot portfolio of Residential, Commercial, and Retail developments and is currently present in Mumbai, Navi Mumbai, Bengaluru, Chennai, and, to a lesser extent, NCR and Hyderabad.

At around 2.51 PM, Larsen & Toubro was trading at Rs1,728.10 per piece, up by 2.58% from its previous closing of Rs1,684.60 on the BSE. The scrip touched intraday high and low of Rs1,734.30 and Rs1,694.25 respectively.