Larsen & Toubro (L&T) real estate extension L&T Realty inks a joint development agreement (JDA) for a slum development program. The company will develop a 31.25 lakh sq. ft. acre land parcel in Thane valued at 697 crore.Â
The project is in Thane’s Panchpakhadi locality, near Mumbai. The agreement is confirmed by the CRE matrix that shows the registration document for the same.
L&T signed the development agreement with Jagdale Infrastructure Pvt Ltd a few days back. A stamp duty of Rs. 34.88 crore is paid along with a registration fee of Rs. 30,000.Â
The project is a part of the slum rehabilitation model and the developer has to rehabilitate slum dwellers for the development. According to the deal, the developer is eligible for an additional component of the area for sale in the regular market.
In this rehabilitation project, a plotted development of 12.2 aces and a minimum of 12.7 lakh sq. ft. will be reserved for slum dwellers. On the other hand, a 31.25 sq ft minimum has to be constructed for the open sale purpose. The land parcel is positioned near Mulund Toll Naka that segregates Mumbai and Thane. The Eastern Express highway and Thane railway station ensure quick connectivity to the place. Other than this, L&T Realty has real estate projects in Sewri and Mahim in Mumbai.
