The Hindu Business Line : L&T to develop commercial complex in Navi Mumbai

Mumbai, April 21 Construction and engineering company Larsen & Toubro has said its property development division will develop an integrated commercial complex at Seawoods Railway Station, Navi Mumbai, on 40 acres at a cost of Rs 3,500 crore.

L&T will also develop the Seawoods-Darave railway station in three years.

The development agreement between L&T and the City and Industrial Development Corporation of Maharashtra Ltd was signed in Mumbai by Mr G.S. Gill, Vice-Chairman and Managing Director CIDCO, and Mr Vivek Mehta, Vice-President and Head-Property Development for L&T, in the presence of Mr Y.M. Deosthalee, CFO, L&T.

The project is scheduled for completion in five years.

The CIDCO floated the proposal in mid-2007 and it was opened on February 5, 2008. L&T, among three qualified developers, bagged the order with a bid of Rs 1,809 crore.

Project details

The project, with potential for development of four to five million sq. ft, will consist of a modern railway station, large format retail and entertainment space, multiplexes, office complex, premium category hotel and service apartments.

About half of the project will be ‘A’ class, high-end office space. L&T also proposes to develop the project as a destination for shopping and entertainment and will provide parking space for over 5,000 vehicles for the railway station and commercial complex.

L&T said it has been approached by international hospitality chains for operation of hotel and service apartments.

Premium facilities such as helipads will be provided atop the buildings.

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