L&T Realty, the real-estate development arm of Larsen & Toubro, today announced its expansion plans in Mumbai market to drive growth. The company has entered into a binding agreement to jointly develop projects in South Mumbai, Western Suburbs and Thane worth Rs 8,000 Cr, with development potential of 4.4 million square feet. This is a part of 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.
Commenting on the development, Mr. 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."
The South Mumbai project will be developed over a land parcel of five acres that offers 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.
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.
The Thane project will be developed on 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.
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.
Shares of Larsen & Toubro Limited was last trading in BSE at Rs. 1684.60 as compared to the previous close of Rs. 1646.05. The total number of shares traded during the day was 25862 in over 1886 trades.
The stock hit an intraday high of Rs. 1688.20 and intraday low of 1648.00. The net turnover during the day was Rs. 43225598.00.