Larsen’s realty arm to expand to Mumbai, Thane; Signing of 3 projects worth one billion dollars

Larsen & Toubro (L&T) backed real estate development arm, L&T Realty on Monday announced its expansion plans in the Mumbai market to spur growth. The company has signed three projects 8,000 crore (approximately $1 billion) with a development potential of 4.4 million sq ft in key locations like south Mumbai, western suburbs and Thane. The development is 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.

According to regulatory filings, the South Mumbai project will be developed on a five-acre land that offers a clear port view with good connectivity to all parts of Mumbai. This residential complex will have 50 storey twin towers with luxury amenities and retail.

Meanwhile, the project in the western suburb is set at a prime location of Andheri. This will be L&T Realty’s first project in the western suburb and the company will develop a modern gated residential complex consisting of 20 towers along with a modern shopping complex.

In addition, in Thane, there is a project to develop a 6-acre land parcel in the heart of the city. Surrounded by good social infrastructure and with ample in-house amenities, these high-rise residential towers will stand tall in the skyline of Thane.

Srikant Joshi, MD & CEO, L&T Realty, said, “We are committed to expanding our reach and continuing to explore new markets. With the signature elements of L&T Realty, these projects will have iconic features that are designed keeping in mind the global benchmarks of excellence, along with fast execution capabilities are a testament to their trust in us.

L&T shares traded on BSE up by 1,728 43.40 or 2.58% at around 11.25 am. Shares close at day’s high 1,728.30 each. Its market cap at present is approx. 2,42,809.09 crore.

L&T Realty has an extensive portfolio of 70 million sq ft across residential, commercial and retail developments and is currently present in Mumbai, Navi Mumbai, Bengaluru, Chennai and to a lesser extent NCR and Hyderabad.

Larsen & Toubro is an Indian multinational company engaged in EPC projects, hi-tech manufacturing and services. It operates in more than 50 countries around the world.

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