L&T Realty locks 12 acres land deal in Thane with Rs.697 crore of GDV

The Real estate arm L&T Realty, has signed a deal of joint development agreement (JDA) for a slum rehabilitation project to develop 31.25 lakh sq ft worth Rs.697 crore in Thane near Mumbai. The spot is located in the area Panchpakhadi of the Thane real estate market.

According to the documents, the joint development agreement was officially signed between L&T Realty’s L&T Parel Project Pvt Ltd and Jagdale Infrastructure Pvt Ltd on May 7, 2024. 

The documents also showed that, the stamp duty paid for the transaction is Rs.34.88 crore. Additionally, a registration fee of Rs.30,000 has also been paid for the deal.

Under this Slum rehabilitation model, the developer will need to rehabilitate the slum dwellers residing on the land. Additionally,the developer will get a component of area to be sold in the open market, also known as free sale component, under the deal.

The documents also mentioned, in this transaction, 12.2 acres of plot and minimum of 12.7 lakh sq ft will be constructed for the slum dwellers under the rehab component and 31.25 lakh sq ft minimum will be constructed under the sale component.

The land parcel which was selected for this rehabilitation project is located near the Mulund toll Naka that divides Mumbai and Thane. The location has a good connectivity with Eastern Express Highway (EEH) and Thane railway station.

According to the statements of the local brokers several prominent real estate players like Raymond Realty and Oberoi, Rustomjee, Hiranandani already have a presence in the Thane market.

In the thane real estate market, per sq ft rate of residential apartments varies from between Rs.10,000 to Rs.25,000 depending on the locality and proximity to social infrastructure. L&T has developed a project in Parel area of Mumbai real estate market besides real estate projects in Sewri, Mahim among others.