Mumbai, Jan 19: L&T Realty Developers Limited has acquired land rights in Lower Parel–Elphinstone Road through a deed of assignment executed on January 9, according to property records accessed by Propstack, a leading commercial property information provider.
Transaction details
The land rights have been assigned by AVA Smart City LLP for a total consideration of Rs 448.6 crore. Of this, Rs 300 crore has been paid as a cash payout, while the remaining value has been structured as an area share component, comprising 55,000 sq ft of RERA carpet non-residential (commercial) space, along with proportionate car parking rights. Stamp duty of Rs 2.69 crore was paid.
Prime redevelopment corridor
The transaction pertains to a land parcel located at Khatri Estate on Elphinstone Road, one of Mumbai’s key commercial and redevelopment corridors.
Land parcel size
According to the documents, the total land area measures 6,474 sq yards, equivalent to 5,413.08 sq metres, or approximately 1.34 acres.
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Real estate hub
Lower Parel and the adjoining Elphinstone Road belt have emerged as major real estate hubs over the last decade, attracting large-scale residential and commercial developments due to their central location and connectivity. The latest acquisition underlines L&T Realty’s continued focus on strengthening its presence in Mumbai’s prime micro-markets.
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