L&T Realty, the real estate development arm of Larsen and Toubro (L&T) and Singapore-listed CapitaLand India Trust Management (CLINT) will develop around 6 million square feet of office spaces across Bengaluru, Chennai, and Mumbai.
Under the platform, L&T will build and develop office spaces, while CLINT will market them. Depending on the completion of these developments, CLINT expects a majority of the capital commitment for the projects to start in the second half of 2024. CLINT will acquire the ownership of these properties in a phased manner, said the company in a release.
Shrikant Joshi, CEO and MD of L&T Realty, said, “Indian office leasing market continues to grow with demand for quality office space from international and domestic clients. The net absorption space for the 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.”
“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,” said Sanjeev Dasgupta, CEO of the trustee-manager.