What commercial development is L&T planning in Mumbai's Lower Parel?

L&T Realty is acquiring land rights in Lower Parel to develop a new commercial office building.

How much did L&T pay for the Mumbai land acquisition?

L&T paid ₹448.6 crore for the land rights in Lower Parel, Mumbai.

What is the significance of the Elphinstone Road location for L&T's project?

The Elphinstone Road location is near the ongoing reconstruction of the Elphinstone Bridge, part of a major infrastructure project enhancing connectivity.

Home / Business and Economy / L&T Buys Mumbai Land for ₹448 Cr Office Hub

L&T Buys Mumbai Land for ₹448 Cr Office Hub

19 Jan

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Summary

L&T acquired land rights in Mumbai's Lower Parel for ₹448.6 crore.
The deal includes cash payment and an area-sharing arrangement.
Development rights are for a 5,413.08 sq metre plot with Khatri Estate.

L&T Buys Mumbai Land for ₹448 Cr Office Hub

L&T Realty Developers Limited has finalized a significant land acquisition in Mumbai's Lower Parel for ₹448.6 crore. The deal, registered on January 9, 2026, grants the company development rights for a plot of approximately 5,413.08 square metres, currently housing the 'Khatri Estate' structure. This strategic purchase is set to facilitate the development of a new commercial office building in a prime urban locale.

The financial arrangement for the acquisition comprises ₹300 crore in cash, supplemented by an area-sharing agreement with AVA Smart City LLP. L&T will cede 55,000 square feet of commercial space and associated parking facilities to AVA Smart City. This transaction utilizes a Floor Space Index (FSI) of 3.0 for property valuation, underscoring the commercial potential of the acquired land.