A major project has been inaugurated in the Mumbai Bandra-Kurla Complex. L&T Realty and Valor Estate (formerly DB Realty) have signed an agreement to jointly undertake a Rs 20,000 crore project on a 10-acre site. The project will include premium homes, commercial centres, and a luxury five-star hotel.
The proposed site is located next to the new Bombay High Court complex. A total area of 7.5 million square feet will be developed. Upon completion of the project, L&T will hold a 58% stake, while Valor Estate will hold a 42% stake. However, the proposed luxury five-star hotel will exclusively belong to Valor Estate.
The 10 acres are situated on a 13-acre plot currently housing around 5,500 families living in a slum area. As part of the project, these families will need to be relocated. Valor Estate will be responsible for clearing the site and obtaining the necessary permissions for the project, with an estimated timeframe of 12 to 18 months. It is projected that providing relocation and completing the entire project will take between 5 to 6 years.
For the project, 3.75 million square feet will be allocated for sale, and 3.2 million square feet will be allocated for relocation. Of the 3.75 million square feet designated for sale, 1.5 million square feet will be used for constructing the luxury hotel, while 2.25 million square feet will be used for commercial and premium housing developments.
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