Larsen & Toubro (L&T) advanced 2.44% to Rs 1,725.75 after the company's real-estate development arm, L&T Realty, announced its expansion plans in Mumbai market to drive growth.
The company has entered into a binding agreement to jointly develop projects in South Mumbai, Western Suburbs and Thane worth Rs 8,000 crore, with development potential of 4.4 million square feet. This is a part of company's larger plan to strengthen its footprint in major metros by adding around 5 million square feet per year over the next five years, the company stated.
Commenting on the development, Shrikant Joshi, MD & CEO of L&T Realty said, We are committed to expanding our reach and continue looking into new markets. With signature elements from L&T Realty, these projects will have iconic features that are designed keeping in mind global norms of excellence while also being a testament for their trust on us with faster execution capabilities.
The South Mumbai project will be developed over a land parcel of five acres that offers clear harbour view along with good connectivity to all parts of Mumbai. This residential complex will have 50 storey twin towers with luxury amenities and retail.
The project in Western Suburb is set in a prime location of Andheri. This would be L&T Realty's first Project in Western Suburb and the company will develop a modern gated residential complex comprising 20 towers with a modern shopping complex.
The Thane project will be developed on a 6-acres land parcel in the heart of the city. Surrounded by good social infrastructure and with ample amenities in-house, these high-rise residential towers will stand tall in the skyline of Thane.
L&T Realty has an extensive portfolio spanning 70 million square feet across residential, commercial and retail developments and is currently present in Mumbai, Navi Mumbai, Bengaluru, Chennai, and to some extent in national capital region (NCR) and Hyderabad.
Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. The EPC major's consolidated net profit rose 10% to Rs 3620.69 crore on 9.9% increase in net sales to Rs 52,850.67 crore in Q4 FY22 over Q4 FY21.
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