L&T Realty and Valor Estate Ink INR 20,000 Cr Deal for Mixed-Use Mega Project in BKC, Mumbai
- 30th Jul 2024
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L&T Realty, the property development arm of Larsen & Toubro, has entered into a binding agreement with Valor Estate, previously known as DB Realty, to jointly develop a ₹20,000-crore project on a 10-acre land parcel in Mumbai’s Bandra Kurla Complex (BKC). The project, adjacent to the upcoming Bombay High Court complex, will include premium housing, commercial spaces, and a 1,000-key five-star luxury hotel.
Project Details and Scope
The mixed-use project boasts a total development potential of over 7.5 million sq ft. According to the agreement, L&T Realty and Valor Estate will share the developed area in a ratio of 58% to 42%, respectively. Valor Estate will fully own the proposed luxury hotel.
Rehabilitation and Approvals
The land parcel is part of a 13-acre plot that currently houses around 5,500 families living in slums, who will be rehabilitated as part of the project. Valor Estate will handle the land clearance and obtain necessary approvals, with this phase expected to be completed within 12-18 months. The entire project, including rehabilitation, is slated for completion over the next 5-6 years.
International Hotel Partnership
Valor Estate is in advanced discussions with international hotel brands for a 30-year operating agreement for the luxury hotel within the development.
Development Breakdown
Of the 7.5 million sq ft, approximately 3.75 million sq ft will be the free-sale component, while 3.2 million sq ft will be dedicated to rehabilitation. The free-sale component includes 1.5 million sq ft for the luxury hotel and 2.25 million sq ft for commercial and premium housing.
Strategic Alliances and Growth
Valor Estate has recently entered a similar agreement with Macrotech Developers for a residential project in Malad West, Mumbai. The company has been forming strategic alliances to monetize its key land parcels, partnering with realty developers such as Prestige Estates Projects, Adani Realty, Godrej Properties, and RMZ Corp to develop prime land across Mumbai.
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