L&T Realty Buys Lower Parel Land Parcel for Rs 448 Crore

L&T Realty Developers Limited, a Larsen & Toubro (L&T) Group company, acquired land rights in Lower Parel, Mumbai, for Rs 448.

An investment of Rs 6 crore is planned to build a Grade-A commercial office tower, expanding the company’s presence in one of the city’s most in-demand business districts. Property registration records reviewed on Propstack show that L&T executed a deed of assignment on January 9, 2026, to acquire the parcel from AVA Smart City LLP.

Key Highlights

• L&T Realty acquires 1.34-acre Lower Parel land rights for Rs 448.6 crore
• Project to deliver a Grade-A commercial tower with premium amenities
• Deal aligns with L&T Realty’s strategy to expand through direct acquisitions

The transaction consists of Rs 300 crore in cash, and the balance will be settled through an area-sharing arrangement that provides 55,000 sq ft of RERA carpet commercial space along with proportionate parking.

The 34-acre site on Elphinstone Road, which currently contains the Khatri Estate structure, has been assessed at an FSI of 3. The recorded value was 0. The proposed single-tower development includes three basement levels, a six-floor podium, and 28 office floors, with floor plates of about 14,000 sq ft. Planned amenities include a creche, a business lounge, and on-site food and beverage outlets.

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Anupam Kumar, CEO and Managing Director of L&T Realty, said the project is planned as a future-ready workplace for the BFSI-led Lower Parel micro-market, referring to the area’s strong transport links and established corporate ecosystem. The project is planned for completion within 36 months, with leasing targeted to high-quality tenants to support stable, long-term rental income.

The acquisition supports L&T Realty’s move toward buying land outright and follows ongoing infrastructure work in the area, such as the Sewri-Worli Connector and the Elphinstone Bridge redevelopment.