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Larsen & Toubro (L&T)-backed real estate development arm, L&T Realty on Monday announced its expansion plans in the Mumbai market for driving growth. The company has signed three projects worth ₹8,000 crore (approximately $1 billion) in prime locations such as South Mumbai, Western Suburbs, and Thane with a development potential of 4.4 million square feet. This development is part of the company's larger plan to strengthen its footprint in major metros by adding around 5 million sq. ft. per year over the next five years.
As per the regulatory filing, the South Mumbai project will be developed over a land parcel of five acres that offers a clear harbour view along 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 Western Suburb is set in a prime location of Andheri. This would be L&T Realty’s first project in Western Suburb and the company will develop a modern gated residential complex comprising 20 towers with a modern shopping complex.
Further, in Thane, the project is to develop a 6-acres land parcel in the heart of the city. Surrounded by good social infrastructure and with ample amenities in-house, these high-rise residential towers will stand tall in the skyline of Thane.
Shrikant Joshi, MD & CEO, L&T Realty said, “We are committed to expanding our reach and continue looking into new markets. With signature elements from L&T Realty, these projects will have iconic features that are designed keeping in mind global norms of excellence while also being a testament for their trust on us with faster execution capabilities."
On BSE, L&T shares traded at ₹1,728 apiece up by ₹43.40 or 2.58% at around 11.25 am. The shares were near the day's high of ₹1,728.30 apiece. Its market cap is currently around ₹2,42,809.09 crore.
L&T Realty has an extensive portfolio spanning 70 million square feet across Residential, Commercial, and Retail developments and is currently present in Mumbai, Navi Mumbai, Bengaluru, Chennai, and to some extent in NCR and Hyderabad.
Larsen & Toubro is an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing, and Services. It operates in over 50 countries worldwide.