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.
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