L&T Realty acquires 1.34 acres of land for ₹448.6 crore in Mumbai’s Elphinstone Road to build a commercial project
L&T Realty Developers Limited has acquired land in Mumbai’s Elphinstone Road area for ₹448.6 crore to develop a commercial office project, according to property registration documents accessed by Propstack.
The company executed a deed of assignment to acquire the land rights for the 1.34-acre site, along with existing structures collectively known as Khatri Estate, from AVA Smart City LLP.
The 5,414 sq m land parcel is located close to Lower Parel, a key commercial hub housing several office developments.
The consideration includes a cash payment of ₹300 crore, with the balance settled through an area-sharing arrangement. Under this structure, L&T Realty will hand over 55,000 sq ft of RERA carpet area non-residential (commercial) warm-shell space, spread across the 9th and 15th floors, or as mutually agreed, in the new commercial building to be developed on the site. The agreement also includes the allotment of a proportionate number of car parking spaces to AVA Smart City LLP, as per the documents.
A stamp duty of ₹26 crore was paid based on a total consideration of ₹448 crore, documents showed.
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The transaction was registered on January 9, 2025 and a registration fee of ₹30,000 was paid.
L&T Realty confirmed the land acquisition in an email response.
“L&T Realty is pleased to confirm its acquisition of a 1.3-acre land parcel towards the development of a commercial premium Grade A office space in Lower Parel, Mumbai. This is a milestone addition to our portfolio of Innovation Campuses across India,” L&T Realty said in the email response.
The single landmark tower will comprise of three basements, a ground floor, 6 podiums levels, and 28 office floors with efficient floor plates of approximately 14.000 square feet of carpet area. The campus will offer premium features such as a creche, business lounge, and F&B outlets, catering to the needs of the target segment in this area, the company said.
Anupam Kumar, CEO and Managing Director of L&T Realty, said, “The L&T Realty Innovation Campus at Lower Parel has been envisioned as a future-ready workplace. Tapping into the BFSI micro-market of Lower Parel in the financial capital of the country, this development enjoys a central position with strong corporate presence, unparalleled connectivity, robust social infrastructure, and ease of access to premium residential catchments.”
“With a construction timeline of approximately 36 months, L&T Realty plans to lease the building to top-tier corporates, creating a high- quality, long term rental annuity. This outright land acquisition marks yet another significant step in the company’s, strategic direction for future growth, moving beyond collaborations and into direct land purchases”, Kumar said.
An email query sent to AVA Smart City LLP received no response. The story will be updated if a response is received.
What is a warm shell unit?
In real estate terms, a warm shell unit is a partially finished space that includes essential infrastructure such as HVAC systems, basic flooring, lighting, plumbing and restrooms, making it ready for immediate occupancy.
Land deals in the Mumbai Metropolitan Region
The Mumbai Metropolitan Region (MMR) recorded the highest number of land deals in H1 2025, with 24 transactions spanning over 433 acres, according to real estate consultancy Anarock. A total of 76 land deals spanning 2,900 acres were closed across India in the first half of 2025, up from 2,515 acres across 133 deals in all of 2024.
One of the highest-value transactions involved veteran Bollywood actor Jeetendra Kapoor and his family, who sold a 2-acre parcel of land in Andheri for ₹855 crore to NTT Global Data Centres. The property was sold for data centre development through two family-owned entities, Pantheon Buildcon Private Limited and Tusshar Infra Developers Private Limited.
In the second half of 2025, the Reserve Bank of India (RBI) was in the news for acquiring 4.16 acres from the Mumbai Metro Rail Corporation Limited (MMRCL) for ₹3,472 crore at Nariman Point, South Mumbai.
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In December 2025, a prime 2.5-acre land parcel in South Mumbai’s Mahalaxmi locality drew a record-breaking bid of ₹2,251 crore for a 99-year-long lease by the Railway Land Development Authority (RLDA). According to real estate experts, this was the highest price ever offered for a 2.6-acre plot in the Mumbai real estate market, making it a trend-setting move.
The RLDA plans to commercially exploit this land space. The size of the uneven hexagonal plot is 10,801.70 square metres, or approximately 2.669 acres (1.08 hectares).
The Indian Railways, through its land development arm, the Rail Land Development Authority (RLDA), plans to raise at least ₹8,000 crore by leasing key land parcels in Mumbai’s real estate market.
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The RLDA aims to lease approximately 25 acres of land spread across four prime locations in the financial capital. This includes the RLDA plot in Mumbai’s Bandra West, spanning 5 acres and currently housing railway staff quarters dating back to 1955, followed by one plot in Bandra East and another in Parel, Central Mumbai.
