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L&T Buys Mumbai Land for ₹448 Cr Office Hub
19 Jan
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 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.
Located on Elphinstone Road, the property benefits from ongoing infrastructure developments, including the reconstruction of the Elphinstone Bridge by the MMRDA, anticipated for completion by 2027. This project forms part of a larger corridor initiative aimed at enhancing Mumbai's east-west connectivity. The acquisition aligns with L&T Realty's expansion strategy, reinforcing its presence in premium real estate markets across India.
