L&T Realty has entered into a joint development agreement (JDA) for a slum rehabilitation project in Thane, Maharashtra. The project, located in the Panchpakhadi area, will span 31.25 lakh square feet with an estimated value of ₹ 697 crore. As part of the deal, L&T Realty’s subsidiary, L&T Parel Project Pvt Ltd, will collaborate with Jagdale Infrastructure Pvt Ltd to develop the project. The JDA was formally signed on May 7, 2024, with a stamp duty of ₹ 34.88 crore and a registration fee of ₹ 30,000. Under the slum rehabilitation model, the developer will rehabilitate slum dwellers residing on the land while also gaining a free sale component for open market sales. The project is strategically located near the Mulund toll Naka, providing excellent connectivity to the Eastern Express Highway and Thane railway station. With several renowned real estate players already present in Thane, such as Raymond Realty, Oberoi, Rustomjee, and Hiranandani, the area offers promising growth potential.