L&T Realty Embarks on Thane Slum Rehabilitation Project Valued at ₹ 697 Crore
In a recent development, L&T Realty has signed a joint development agreement (JDA) for a slum rehabilitation project in Thane, Maharashtra. This ambitious project, situated in the Panchpakhadi area, will encompass an impressive 31.25 lakh square feet and holds a potential value of ₹ 697 crore.
The JDA was formally inked on May 7, 2024, between L&T Realty’s subsidiary, L&T Parel Project Pvt Ltd, and Jagdale Infrastructure Pvt Ltd. The transaction involved a stamp duty payment of ₹ 34.88 crore and a registration fee of ₹ 30,000.
As part of this slum rehabilitation project, L&T Realty will assume the responsibility of rehabilitating slum dwellers currently residing on the land. Additionally, the developer will acquire a free sale component, allowing them to sell a portion of the developed property in the open market.
Strategically located near the Mulund toll Naka, the project benefits from excellent connectivity to the Eastern Express Highway and Thane railway station. This prime location has attracted several prominent real estate players, including Raymond Realty, Oberoi, Rustomjee, and Hiranandani, who already have a presence in the thriving Thane market.
The per square foot rate for residential apartments in Thane’s real estate market ranges from ₹ 10,000 to ₹ 25,000, depending on the locality and proximity to social infrastructure. L&T Realty boasts a diverse portfolio of real estate projects across Mumbai, including developments in Parel, Sewri, and Mahim.
This slum rehabilitation project in Thane marks a significant milestone for L&T Realty, further expanding its footprint in the Mumbai Metropolitan Region. The project’s potential value of ₹ 697 crore underscores the company’s commitment to developing high-quality residential spaces while addressing the need for urban renewal.
