L&T Realty has acquired land development rights in Mumbai’s Lower Parel for ₹448.6 crore, as per news reports.
The transaction was registered on January 9, 2026, through a deed of assignment with AVA Smart City LLP. The details are based on documents accessed via Propstack.
The total consideration includes a cash payment of ₹300 crore. The remaining amount will be settled through an area-sharing arrangement.
As part of this, L&T Realty will transfer 55,000 square feet of RERA carpet commercial space to AVA Smart City LLP, along with proportionate car parking spaces.
The acquisition gives L&T Realty development rights over land measuring about 5,413.08 square metres, or roughly 1.34 acres.
The site currently has a structure known as Khatri Estate. A floor space index (FSI) of 3.0 has been considered while valuing the property.
The company plans to develop a single commercial tower on the site. The proposed structure will include 3 basement levels, a ground floor, 6 podium levels, and 28 office floors.
Each office floor is planned with carpet areas of around 14,000 square feet. Common facilities such as a crèche, business lounge and food and beverage outlets are part of the plan.
Construction is expected to take around 36 months. After completion, the building is intended to be leased to corporate tenants. The project will add to the company’s commercial real estate stock in Mumbai.
The property is located on Elphinstone Road in Lower Parel. The nearby Elphinstone Bridge is being reconstructed by the Mumbai Metropolitan Region Development Authority.
The new double-decker bridge is expected to be completed by 2027 and forms part of the Sewri-Worli Connector, a 4.5-kilometre elevated corridor.
As of January 20, 2026, 10:32 am, Larsen & Toubro share price was trading at ₹3,852.80, a 0.44% decrease from the previous closing price.
The transaction provides L&T Realty with development rights over a Lower Parel land parcel, where a commercial office building is planned.
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Published on: Jan 20, 2026, 11:54 AM IST
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