L&T Realty to jointly develop land parcel in Thane
The real estate arm of L&T, L&T Realty has signed an agreement to jointly develop a 12.2-acre land parcel in Thane’s Panchpakhadi locality. The project involves the rehabilitation of a large layout of slums that has a total development potential of over 3.12 million sq ft.
Jagdale Infrastructure has received a letter of intent from the Slum Rehabilitation Authority in 2022 and is now bringing in L&T Realty as its partner in the project. Under agreement, L&T Realty, as the lead developer, will get a 69% share of profits from the project and the balance 31% will go to Jagdale Infrastructure.
The project involving over 20 slum pockets is expected to be completed in five years.
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