L&T Realty Partners with Valor Estate for INR 20,000 Crore Project in BKC
The development is expected to reshape the BKC skyline and contribute substantially to Mumbai's real estate landscape.
Lt RealtyValor EstateBkcMumbai Real EstateLuxury HotelReal Estate MumbaiAug 05, 2024
This land parcel, situated next to the upcoming Bombay High Court complex, is part of a 13-acre plot that is currently home to 5,500 families living in slums. The project, expected to be completed in five-six years, will involve the rehabilitation of these families as part of the development.
According to sources, the two companies plan to build a multi-purpose project on the land parcel, including premium housing, commercial spaces, and a 1,000-key five-star luxury hotel. L&T Realty will own 58% of the developed area, while Valor Estate will own 42% and have sole ownership of the luxury hotel.
The project has a total development potential of over 7.5 million sq ft, with 3.75 million sq ft earmarked for sale-free components, including 1.5 million sq ft for luxury property and 2.25 million sq ft for commercial use. Additionally, 3.2 million sq ft will be used for rehabilitation purposes.
Valor Estate is also in talks with international hotel brands to sign a 30-year operating agreement for the luxury hotel. Meanwhile, the company has signed a similar agreement with Macrotech Developers for a project in Malad west suburb, while L&T has entered an agreement to develop a 12.2-acre land parcel in Panchpakhadi, Thane.
The partnership is expected to see L&T Realty holding a majority stake in the developed area, while Valor Estate retains full ownership of the luxury hotel and takes the lead on land acquisition and permissions. Both companies are actively exploring opportunities to collaborate with international hotel brands for the management of the luxury hotel.
The development is expected to significantly reshape the BKC skyline and contribute substantially to Mumbai's real estate landscape.
BACKGROUND INFORMATION ON Valor Estate Valor Estate, formerly known as DB Realty, is a leading real estate developer in India with a focus on developing high-quality residential and commercial projects.
BOILERPLATE ON L&T Realty L&T Realty is a subsidiary of Larsen & Toubro, one of India's largest conglomerates. The company is engaged in the development of residential, commercial, and retail properties across India.
Frequently Asked Questions
What is the value of the project?
The project is worth over INR 20,000 crore
What is the location of the project?
The project is located in the Bandra-Kurla Complex (BKC) in Mumbai
What is the expected completion time of the project?
The project is expected to be completed in five-six years
Who will own the luxury hotel?
Valor Estate will have sole ownership of the luxury hotel
What is the total development potential of the project?
The project has a total development potential of over 7.5 million sq ft
Related News Articles
Aditya Birla Group's Real Estate Arm Sees Sudden Surge: What's Behind Century Textiles' 14% Spike?
Century Textiles, the real estate arm of the Aditya Birla Group, has seen a sudden surge in its stock price, rising 14% in just two days. But what's behind this sudden spike?
TCS to Acquire 100% Stake in Darshita Southern India Happy Homes for Rs 2,250 Crore
Tata Consultancy Services (TCS) has announced its plans to acquire 100% stake in Darshita Southern India Happy Homes for Rs 2,250 crore, along with the land and building of the commercial real estate firm. The acquisition is aimed at expanding TCS's deliv
Mumbai Property Registration Surges 9.5% to 15,482 Units in March
In March, the registration of properties in the Mumbai municipal area witnessed a significant 9.5% annual increase, reaching 15,482 units. This surge is attributed to the high demand for housing in the city, according to a report by Knight Frank.
India's Real Estate Sector Witnesses 74% Year-on-Year Surge in Equity Inflows in Q1
India's real estate market has witnessed a significant boost, with equity inflows increasing by 74% year-on-year in the first quarter of 2023. Key cities like Bengaluru, Mumbai, and Delhi-NCR have attracted the majority of these investments, collectively contributing 67% of the total equity inflows.
Satara Implements One-Way Traffic System for Mahabaleshwar Tourism Festival
Satara, Maharashtra: To manage the influx of visitors during the Mahabaleshwar Tourism Festival, the local authorities have announced the implementation of a one-way traffic system from May 2. This measure aims to ensure smooth traffic flow and enhance the overall experience for tourists.
Office Rents Surge Across Major Indian Cities: MMR, Hyderabad, and Bengaluru Lead the Way
Office rents in major Indian cities have seen significant increases, with the Mumbai Metropolitan Region (MMR) leading the surge at 28%, followed by Hyderabad at 24%, and Bengaluru at 16%. This growth is driven by strong demand for prime workspaces and renewed business confidence.