In a significant move, L&T Realty, the real estate arm of Larsen & Toubro, has acquired a 34-acre land parcel in Panvel, near Mumbai, for over ₹102 crore. This marks the company’s first outright land purchase, transitioning from its traditional reliance on joint development agreements (JDAs) and joint ventures (JVs) to expand its portfolio.
The acquired land, situated near the riverfront, is currently designated as an industrial zone. While L&T Realty has not disclosed specific plans for the site, industry insiders suggest potential developments could include a residential project or a precast manufacturing facility to support construction operations.
This acquisition reflects L&T Realty’s evolving strategy to diversify its growth approach. Previously, the company focused on partnerships, such as the ₹8,500 crore joint development with Valor Estate in Bandra and a 12.2 acres project in Thane’s Panchpakhadi area.
Panvel’s emergence as a real estate hotspot is bolstered by infrastructure projects like the upcoming Navi Mumbai International Airport, CIDCO’s NAINA development, and the recently inaugurated Mumbai Trans Harbour Link. These developments enhance connectivity and investment potential in the region.
Established in 2011, L&T Realty boasts a portfolio spanning 70 million sq. ft. across residential, commercial, and retail developments in cities including Mumbai, Navi Mumbai, NCR, Bengaluru, Hyderabad, and Chennai.
This strategic land acquisition in Panvel underscores L&T Realty’s commitment to expanding its footprint and adapting to the dynamic real estate landscape.
For more insights and updates on real estate developments, visit BrickPlatter News.
