Larsen & Toubro (L&T) plans to generate income from its 67-acre land located among the rich places in Bengaluru by developing a residential township. The information was provided by people directly knowledgeable of the matter. The land that was used to accommodate Komatsu and L&T’s joint businesses of manufacturing unit of heavy machines has already been emptied.
After the buyout, the joint business venture between the two is now only related to marketing and Komatsu has transferred its factory to Bengaluru suburbs. The huge land will then be developed in various phases in the next several years.
L&T Realty will take care of the development of the said land. According to one of the sources of information, L&T has already been given approval by the Bangalore Development Authority to develop the land in Hebbal.
During the first phase of the project, the real estate arm of the company will reportedly develop 3,200 luxury apartments. The planned project is predicted to cost about Rs 7,000 per square foot. Hebbal is located in the northern part of Bengaluru, has become a major residential destination that houses high end apartments costing more than Rs 1 crore.
L&T is the owner of around 1,200 acres of land all around the country. Its realty arm started operating in 2012 and is also taking projects in various cities like Chennai, Bengaluru and Mumbai. At present, L&T is developing a 5 million square feet mixed-use project located in Seawoods, Navi in Mumbai.
L&T Realty together with one of its joint venture partners Omkar Realtors and Developers is creating a high-end residential project that is 17 acres wide in Parel, Central Mumbai. The company is also into a project to develop a 3.6 million square feet luxury residential complex in Powai. Previously, they have also developed a commercial complex in the same location.