L&T to develop Rs.35 bn commercial complex at Navi Mumbai

April 21st, 2008 - 8:10 pm ICT by admin  

Mumbai, April 21 (IANS) Engineering and construction major Larsen and Toubro (L&T) announced Monday that its property development division would set up a world-class integrated commercial complex at Seawoods railway station in Navi Mumi at an investment of Rs.35 billion ($875 million). The project will be spread over 40 acres. L&T will also develop a state-of-the-art Seawoods-Darave railway station in the next three years.

The development agreement between L&T and Maharashtra’s City and Industrial Development Corp (Cidco) was signed Monday in Mumbai.

L&T proposes to develop this project as a destination for urban shopping and entertainment for people from Navi Mumbai and Mumbai. The project will have large space dedicated for entertainment and gaming sports activities, particularly for children.

The company also plans to set up various specialty malls like home interior and jewellery malls.

L&T is in the process of short listing international architects to develop the concept and master plan for the project. Cushman Wakefield and Jones Lang Lasalle Meghraj have been engaged for real estate advisory services for the project.

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