Mumbai: L&T Realty, Valour Estate to co-develop Rs 20,000 crore development project in BKC
Mumbai: L&T Realty, Valour Estate to co-develop Rs 20,000 crore development project in BKC
The project will cover a 10-acre land parcel. It will include a five-star hotel with 1,000 rooms, luxury residences, and commercial spaces.
L&T Realty and Valour Estate have signed a legally binding agreement to co-develop a project valued at Rs 20,000 crore in Mumbai’s Bandra-Kurla Complex (BKC). The project will cover a 10-acre land parcel. It will include a five-star hotel with 1,000 rooms, luxury residences, and commercial spaces.
The land is part of a 13-acre area that houses about 5,500 families living in slums. They will undergo rehabilitation as part of the project. Valour Estate will clear the land and obtain the necessary approvals. This process is expected to take 12-18 months. The entire project is estimated to be completed in 5-6 years.
The development has over 7.5 million square feet of potential, which is situated near the new Bombay High Court building. The land allocation includes 3.2 million square feet for rehabilitation. Another, 3.75 million square feet will be for the free-sale component. This portion can be sold or leased at market rates. Of the total, 2.25 million square feet will be used for retail, commercial, and luxury housing. 1.5 million square feet will be used for the luxury hotel. Valour Estate is in advanced talks for a 30-year operating arrangement for the hotel with international brands.
The developed land will be split between the two companies. L&T Realty will hold 58%, and Valour Estate will hold 42%. Valour Estate will fully own the luxury hotel. Valour Estate has been forming strategic partnerships with developers like Adani Realty, Prestige Estates Projects, Godrej Properties, and RMZ Corp. Recently, they signed a similar deal with Macrotech Developers for a residential project in Malad West, Mumbai.
L&T Realty has also signed an agreement for a 12.2-acre development in Thane’s Panchpakhadi area. This project has a development potential of over 3.12 million square feet and involves slum rehabilitation.
