L & T Realty is looking for the investors and partners in Navi Mumbai and Bengaluru
L & T Realty is looking for the investors and partners in Navi Mumbai and Bengaluru
Larsen and Toubro Ltd’s real estate development arm L & T Realty Ltd is now seeking for the real estate investors and development partners for few projects which are about to come in the Bengaluru and Navi Mumbai as L & T Realty is planning to monetize its retail mall portfolio with an aim to use its land for the construction of offices. We all know that L & T Realty Ltd has huge real estate development portfolio and it is about 50 million sqft, and it includes both upcoming and ongoing real estate projects.
Projects of L & T Realty in Navi Mumbai and Bengaluru:
L & T Realty is the four year old firm from Larsen and Toubro and now its planning to bring developer partner for its Hebbal projects which is coming up in Bengaluru and in this project L & T Realty is developing residential apartments on the area of 45 acres, apart from that company is also planning to develop remaining 20 acre area with the help of joint venture partner. However; when it comes to Mumbai, so TOD (transit-oriented development) project which is coming up in Seawoods, Navi Mumbai, so here L & T Realty is looking for the strategic investor for the development of 1 million sqft retail space. However; the TOD project is coming around the railway station of Seawoods— Darave. Apart from that this developer is also coming up with 4 million sqft of office space as a part of 40 acre contiguous development under the Seawoods Grand Central project.
Recent transactions of L & T Realty:
Recently, L & T Realty has sold its commercial real estate project to Carnival Group in Rs.1, 785 crore and it was located in Chandigarh. This commercial real estate project includes a Hyatt hotel, office premises with a central courtyard and Elante mall. With the transaction of Chandigarh, L & T Realty exited from its real estate business in northern India and now its planning to focus on the projects which are coming up in Chennai, Hyderabad, Mumbai, Bengaluru and Navi Mumbai. According to Shrikant Joshi, CEO of L & T Realty, “It’s not our policy to run malls and due to that we want to monetize them as we continue to build them in our projects. At this point of time in the Hebbal project, our company is planning to bring a joint venture partner for the development of office space. We are hoping to conclude all these transactions next year”. The more he added that In Seawoods, we are seeking for the investor partners, but we want someone who can be the worthy successor.
There are few developers which are showing their interest for Hebbal project and they are; Assetz Property Group, RMZ Corp. and some other developers and investors from Singapore. It is expected that by 2016, the L & T Realty will start to deliver the home in its projects which are in Seawoods and Powai in suburban Mumbai. Last year, the real estate market has under gone the number of challenges and due to that now buyers want to move with bigger and branded developers. According to Joshi, “Our strategy is to continue construct the projects which we have and on the same time we are looking for the joint venture partnerships with outstanding partners.
Due to brand value there are several branded developers such as; Godrej Properties, which have done well in the period when most of the developers where struggling. According to real estate experts, home buyers always shows a lot of faith in the larger brand association because they assure them with delivery capability, brand equity and goodwill.
