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
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