Mumbai's BKC to Witness Mega Project Worth Rs 20,000 Crore by L&T Realty and Valor Estate
L&T Realty and Valor Estate are set to co-develop a massive project in Mumbai's Bandra-Kurla Complex, featuring premium housing, commercial spaces, and a luxury hotel.
MumbaiBandra Kurla ComplexLt RealtyValor EstateDb RealtyLarsen ToubroReal EstateJul 29, 2024
L&T Realty and Valor Estate will share the developed area in a 58 42 ratio, respectively, with Valor Estate fully owning the luxury hotel. The project also involves the rehabilitation of approximately 5,500 families living in slums on the 10-acre plot, which is part of a larger 13-acre area. Valor Estate is tasked with vacating the land and obtaining necessary development approvals, expected to take 12-18 months. The entire project, including rehabilitation, is projected to be completed within 5-6 years.
About 3.2 million square feet of land will be under rehabilitation, as part of the development project. Approximately 3.75 million square feet of land will be designated as the free-sale component, a portion of the development project that can be sold or leased at market rates by the developer. Out of this, 1.5 million square feet will be used to develop a luxury hotel, and 2.25 million square feet will be allocated for commercial, retail, and premium housing projects.
Valor Estate is reportedly already in advanced negotiations with international hotel brands for a 30-year operating agreement for the luxury hotel within the project. The firm has also recently signed a similar agreement with Macrotech Developers for a residential project on a 5.4-acre parcel in Mumbai’s Malad West suburb.
Information
Larsen & Toubro is a Indian multinational conglomerate with business interests in engineering, construction, manufacturing, and financial services. Valor Estate, formerly known as DB Realty, is a Mumbai-based real estate developer with a portfolio of residential, commercial, and retail projects.
L&T Realty is the property development division of Larsen & Toubro, with a portfolio of residential, commercial, and retail projects across India. Valor Estate is a Mumbai-based real estate developer with a focus on strategic alliances to monetize key land parcels.
Frequently Asked Questions
What is the value of the project being developed by L&T Realty and Valor Estate in Mumbai's BKC?
The project is worth over Rs 20,000 crore.
What will be the mix of developments in the project?
The project will feature a mix of premium housing, commercial spaces, and a five-star luxury hotel with 1,000 rooms.
How will the developed area be shared between L&T Realty and Valor Estate?
The developed area will be shared in a 58:42 ratio, respectively, with Valor Estate fully owning the luxury hotel.
What is the timeline for completing the project?
The entire project, including rehabilitation, is projected to be completed within 5-6 years.
What is the significance of this project for Mumbai's real estate market?
This project is a significant development for Mumbai's real estate market, providing a mix of housing, commercial, and hospitality options in a prime location.
Related News Articles
Ashraya Heights: Meghna Infracon's Triumph in Goregaon East
Meghna Infracon delivers its first residential project
L&T Realty Sells 59,457 Sq Ft of Commercial Space in Navi Mumbai for ₹100 Crore
L&T Seawoods Ltd. sold 59,457 sqft in Seawoods Grand Central, Navi Mumbai, for ₹100 crore to Suryoday Small Finance Bank.
L&T Realty, Valor Estate Seal Rs. 200 Billion BKC Project Deal in Maharashtra
L&T Realty and Valor Estate have entered into a partnership to develop a massive project in Mumbai's Bandra Kurla Complex (BKC) worth Rs. 200 billion.
India's Real Estate Sector: A Key Driver of Economic Growth
The residential real estate market catalyzes infrastructural development in the vicinity, including roads, utilities, schools, and other amenities, thereby impacting the country's economy.
Government Initiatives Fueling Hyderabad's Real Estate Sector
Hyderabad's real estate market is experiencing a significant boom, largely driven by the proactive support and initiatives from the local government. This growth is reshaping the city's landscape, making it a prime location for both residential and commer
Police Register Cheating Case Against City-Based Real Estate Firm
The Central Crime Branch (CCB) of the city police has registered a cheating case against a prominent real estate company, Ozone Urbana Developers Private Limited, for alleged fraudulent activities.