L&T to develop Rs3,500 crore integrated commercial complex at Seawoods, Navi Mumbai

21 April 2008

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.