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L&T Realty eyes Rs 3,200 cr revenues from Navi Mumbai project

twitter-logo PTI        Last Updated: May 14, 2019  | 20:53 IST

Mumbai, May 14 (PTI) Diversified group Larsen & Toubro's real estate arm L&T Realty is eyeing revenues of Rs 3,200 crore from an upcoming project in the satellite city of Navi Mumbai, official said Tuesday. The 10-acre parcel, the first transit-oriented development in India coming up near the Seawoods Darave railway station, has a development potential of 1.5 million sqft and will be developed in a phased manner. "Bookings for the phase-I of the project have finished and we are looking at revenues of around Rs 3,200 crore, once completed," a company official said. For the first phase, it has received nearly 1,800 booking applications from home buyers for 500 units offered, which belies the fears of a slowdown in the market. "The project has received an unprecedented response from the customers, brokers, corporate houses and international markets at a time when the market is muted," company's managing director and chief executive Shrikant Joshi told PTI. The company had launched a channel partner activation drive which saw 400 brokers working to market the project, he said. He attributed the buyer interest to unique location, where residential precinct is integrated with a shopping mall and connected with a railway station by a pedestrian concourse. Joshi said that substantial interest has come from the corporates and employees working in the offices at the commercial towers of Seawoods Grand Central. The phase I comprises five towers with 500 apartments with a mix of 2 and 3 bhk units, while phase II will house three towers. PTI PSK AA AP MKJ

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