L&T Realty and Valor Estate Unveil ₹20,000-Crore BKC Project Featuring Luxury Hotel in Mumbai

L&T Realty, the property arm of Larsen & Toubro, has partnered with Valor Estate, previously DB Realty, for a major project worth over ₹20,000 crore in Mumbai’s Bandra-Kurla Complex (BKC). The two companies will develop a mixed-use project on a 10-acre plot next to the new Bombay High Court complex. The development will include luxury housing, commercial spaces, and a 1,000-room five-star hotel.

The project will have over 7.5 million sq ft of built-up area, with L&T Realty getting 58% and Valor Estate 42% of the developed space. Valor Estate will own the hotel.

The land, part of a 13-acre plot, currently houses around 5,500 families living in slums who will be relocated as part of the project. Valor Estate will handle the relocation and get the necessary approvals, aiming to complete these tasks in 12-18 months. The entire project, including relocation, is expected to take 5-6 years.

Valor Estate is negotiating with international hotel brands for a 30-year operating agreement for the hotel. The development will include 3.75 million sq ft of free-sale space, with 1.5 million sq ft for the hotel and 2.25 million sq ft for commercial use, including retail and premium housing. Additionally, 3.2 million sq ft will be dedicated to rehabilitation.

L&T Realty and Valor Estate did not comment on the deal.

Valor Estate has made similar agreements with other developers, including Macrotech Developers for a residential project in Malad, Mumbai. Over the past few years, Valor Estate has partnered with companies like Prestige Estates Projects, Adani Realty, Godrej Properties, and RMZ Corp to develop its prime land parcels in Mumbai.

L&T Realty has also entered into an agreement to develop a 12.2-acre land parcel in Thane’s Panchpakhadi locality, involving the rehabilitation of slums and the development of over 3.12 million sq ft.

Joint development and redevelopment projects are crucial in urban property markets, especially as land prices rise and vacant land becomes scarce in major cities.