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L&T Realty signs pact for joint development of 12 acre land in Thane with a potential of ₹697 crore
The joint development project to be undertaken by L&T is located in Panchpakhadi area in Thane. Oberoi Realty, Rustomjee and Hiranandani have projects in Thane
L&T Realty has signed a joint development agreement (JDA) for a slum rehabilitation project to develop 31.25 lakh sq ft worth ₹697 crore in Thane near Mumbai, according to the registration documents accessed by CRE Matrix showed.
The project is located in area Panchpakhadi of the Thane real estate market.
The JDA has been formally inked between L&T Realty’s L&T Parel Project Pvt Ltd and Jagdale Infrastructure Pvt Ltd on May 7, 2024, the documents showed.
The stamp duty paid for the transaction is ₹34.88 crore. A registration fee of ₹30,000 has also been paid for the deal, according to the documents.
As part of the project under the slum rehabilitation model, the developer will have to rehabilitate the slum dwellers residing on the land. The developer will get an additional component of area to be sold in the open market, also known as free sale component, under the deal.
In this particular transaction, the plot size is 12.2 acres and a minimum of 12.7 lakh sq ft will be constructed for the slum dwellers under the rehab component and 31.25 lakh sq ft minimum will be constructed under the sale component, according to the documents.
The land parcel is located near the Mulund toll Naka that divides Mumbai and Thane. The land parcel has good connectivity with Eastern Express Highway (EEH) and Thane railway station.
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According to local brokers, several branded real estate players like Raymond Realty and Oberoi, Rustomjee, Hiranandani already have a presence in the Thane market.
The per sq ft rate of residential apartments in the Thane real estate market varies between ₹10,000 to ₹25,000 depending on the locality and proximity to social infrastructure.
L&T Realty has a project in Parel area of Mumbai real estate market besides real estate projects in Sewri, Mahim among others.
Emails have been sent to L&T Realty and Jagdale Infrastructure Pvt Ltd.
