L&T Realty Developers Limited has acquired a 5,414 square metre land parcel in Mumbai's Elphinstone Road area for a consideration of ₹448.6 crore, as per the property registration documents. The company completed a deed of assignment to purchase the land rights for the 1.34-acre site, including the existing structures known as Khatri Estate, from AVA Smart City LLP.

• A stamp duty of Rs.26 crore on a consideration of Rs.448 crore was paid and a registration fee of Rs.30,000, for the transaction registered on Jan 9th, this year.
• Located in Elphinstone Road, close to Lower Parel, the land is a major commercial area because of multiple office developments in the region.
• The acquisition was funded through a hybrid arrangement, with ₹300 crore paid in cash, and the remainder of the balance settled by an area-sharing agreement.
• In this agreement, L&T Realty will transfer 55,000 sq ft of RERA carpet area commercial warm-shell space, spanning from the Ninth floor to the Fifteenth floor of the fresh commercial building developed on the site, or on alternative floors as together agreed upon by both the parties.
• According to the documents, the agreement mentions proportionate car parking spaces allotted to AVA Smart City LLP.

The Grade A office space in the premium commercial tower will offer several amenities including:

• A ground floor
• Three basements
• 28 office floors with carpet area of 14,000 sq ft
• Creche
• Business lounge
• F&B outlets

Anupam Kumar, CEO and MD of L&T, indicated that construction is expected to finish in about 36 months, after which it plans to lease the building to leading corporations.

Strategically positioned in the micro-market of Lower Parel, this project will offer corporate presence, excellent connectivity, strong infrastructure facilities and proximity to premium residential areas.

1. Veteran Bollywood actor Jeetendra Kapoor and his family sold a land parcel of 2 acres to NTT Global Data Centres for ₹855 crore in Andheri, Mumbai, making it one of the highest-value transactions.

2. The Reserve Bank of India (RBI) had acquired a land of 4.16 acres for ₹3,472 crore from the Mumbai Metro Rail Corporation Limited (MMRCL) at Nariman Point in South Mumbai in the second half of 2025.

3. In December 2025, a 2.5-acre prime land parcel in the Mahalaxmi area of South Mumbai was successfully bid for a 99-year lease at a record-breaking ₹2,251 crore by the Railway Land Development Authority (RLDA).

With this acquisition, the company has taken a step toward future growth and marked its move into direct land purchases beyond collaborations.

According to the report, the Mumbai Metropolitan Region (MMR) led India in the number of land deals during the first half of 2025 (H1 2025), registering 24 transactions that covered more than 433 acres. Across the whole of India, 76 separate land deals encompassing a total of 2,900 acres were finalized in H1 2025. This figure marks an increase in total acreage compared to all of 2024, which saw 133 deals closing over 2,515 acres.