Mumbai: Engineering and construction major Larsen & Toubro Ltd proposes to develop a world class integrated commercial complex covering 40 acres at Seawoods railway station, Navi Mumbai, at a project cost of Rs3,500 crore. L&T will also develop a state-of-art Seawoods-Darave railway station over the next three years.
L&T and the City and Industrial Development Corpporation of Maharashtra (CIDCO) signed the development agreement today. The proposed development project is planned to be completed over the next 5 years.
CIDCO floated this proposal in mid 2007 and L&T, one of the three qualified developers, won the project for Rs1,809 crore.
The project will consist of a modern railway station, large format retail and entertainment space, multiplexes, office complex, and premium category hotel and service apartments.
L&T is in the process of shortlisting international architects to develop the concept and master plan for the project. Cushman Wakefield and Jones Lang Lasalle Meghraj will advise L&T on real estate services for the project.
The project has the potential to develop 4 to 5 million sq. ft. of usable space and is the single largest investment by the company in the real estate development.
The proposed project will have superior traffic management system with parking space for 5,000 vehicles near the railway station as well as the commercial complex. The company also plans to integrate the various components of the project.
L&T said the new project will be a destination for urban shopping and entertainment, catering to Navi Mumbai and Mumbai. The project will have large spaces for entertainment, gaming sports activities and entertainment facilities for children. The company also proposes to create various specialty malls like home interior and jewellery malls.
Nearly half of the project will be dedicated to be developed as high-end office complexes catering to various sectors like banking and financial services institutions, logistics, aviation, engineering, automobiles, manufacturing and communication.
The office complexes will have high-end operations and will offer facilities like helipads on building tops, making it an ideal place for companies to set up their corporate offices.
L&T, meanwhile, has been approached by international hospitality chains for operations of the premium category hotel and service apartments to cater to the growing business activity in and around Navi Mumbai.
With this project, L&T hopes to develop in-house capabilities to build and operate such transit oriented developments around railway stations.