L&T Realty Expands Portfolio with Major NCR Land Acquisition

L&T Realty Properties Ltd (LTRPL), a wholly owned subsidiary of Larsen & Toubro, has acquired a 100 per cent stake in International Green Scapes Ltd (IGSL), Delhi. This acquisition gives LTRPL control over 20 acres of land in Gurugram, a strategic move that marks the company's first land acquisition in the NCR micro-market.

In a stock exchange filing on April 10, LTRPL noted that the cost of acquisition is ₹1,123 crore. The land offers a development potential of approximately 3.6 million square feet (msf). According to Square Yards Data Intelligence, the average property price in Gurugram stood at ₹14,872 per square foot as of March 2026.

A source familiar with the matter stated that the land will be utilized for a residential development. LTRPL operates in the urban-premium and luxury real estate segments, further solidifying its position in the market.

During the fiscal year 2026 (FY26), LTRPL and L&T Realty Developers Ltd, another wholly owned subsidiary of L&T, completed land acquisitions across Mumbai, Delhi, and Bengaluru, with an aggregate development potential of 3 msf. These acquisitions have strengthened the company's development potential in the medium term, as noted by L&T.

S N Subramanyan, chairman and managing director of L&T, commented, “India’s real estate market is transitioning into an organised, transparent, and institutionally funded ecosystem, with both residential and commercial segments poised for growth over the next decade. L&T Realty is building a substantial development pipeline through disciplined and proactive land acquisitions and joint development partnerships”.

Anupam Kumar, chief executive officer and managing director of L&T Realty, added, “L&T Realty is poised for growth through a strategy that is rooted in disciplined expansion, customer trust, and long-term value creation”.

L&T initiated the consolidation of its realty business into L&T Realty Properties in December last year, a move that analysts believe could pave the way for a potential listing. According to a JM Financial report dated December 8, 2025, L&T Realty could achieve sales of ₹8,500 crore and EBITDA of ₹4,700 crore by FY30, valuing the business at around ₹58,000 crore. The company delivered sales of ₹850 crore in the first half of FY26.

Currently, India’s top listed developers include DLF (market capitalisation over ₹1.47 trillion), Lodha Developers (over ₹86,451 crore), Prestige Estates Projects (over ₹60,642 crore), Oberoi Realty (over ₹62,765 crore), and Godrej Properties (₹55,101 crore). L&T Realty is now pursuing select projects via land acquisitions and joint developments, over and above the development of self-owned land.

In January, L&T Realty acquired land rights in Mumbai’s Lower Parel for ₹448.6 crore to develop a premium, grade-A commercial office building. “This outright land acquisition marks yet another significant step in the company’s strategic direction for future growth, moving beyond collaborations and into direct land purchases,” Kumar stated at the time of the Lower Parel acquisition.

L&T Realty’s portfolio spans 70 msf across residential and commercial segments, with a presence in cities including the Mumbai Metropolitan Region (MMR), Bengaluru, Chennai, Hyderabad, and NCR.