L&T Realty, CapitaLand to develop 6 million sq ft of prime workplace areas in 3 cities

L&T Realty, the actual property improvement arm of Larsen & Toubro Limited, and Singapore-listed CapitaLand India Trust Management Pte Ltd, trustee-manager of CapitaLand India Trust (CLINT), have entered right into a non-binding time period sheet for a industrial platform to develop shut to six million sq. ft (0.56 million sq. metres) of prime workplace areas throughout Bengaluru, Chennai and Mumbai in India.

Under this platform, L&T will construct and develop workplace areas whereas CLINT will market them. Depending on the completion of those developments, CLINT expects nearly all of the capital dedication for the initiatives to begin from the second Half (2H) 2024 onwards. CLINT will purchase the possession of those properties in a phased method.

Shrikant Joshi, CEO and MD of L&T Realty, stated, “Indian office leasing market continues to grow with demand for quality office space from international and domestic clients. The net absorption space for January-September 2022 period stood at a three-year high of 30.3 million square feet (2.8 million square metres). We are delighted to have forged a partnership with CLINT for premium office space in the three top metropolises of India.”

Sanjeev Dasgupta, chief government officer of the trustee-manager, stated, “The proposed commercial platform with L&T provides CLINT an opportunity to scale up its presence across three major cities in well-established micro-markets. Furthermore, L&T’s strong track record in project development and CLINT’s extensive customer network and leasing capabilities will create synergies across the platform.”