L&T Realty and Valor Estate unveil ₹20,000-crore BKC project with luxury hotel in Mumbai

L&T Realty, the real estate arm of Larsen & Toubro, has partnered with Valor Estate, formerly DB Realty, for a major project worth over ₹20,000 crore in Mumbai’s Bandra-Kurla Complex (BKC). The two companies will develop a mixed-use project on a 25-acre plot adjacent to the new Bombay High Court complex. The development will include luxury residential units, commercial spaces and a 1,000-room five-star hotel.

The project will have over 7.5 million square feet of built-up area, with L&T Realty owning 58% and Valor Estate 42% of the developed space. Valor Estate will own the hotel.

The land, part of a 13-hectare plot, is currently home to approximately 5,500 families living in slums who will be relocated as part of the project. Valor Estate will manage the relocation and obtain the necessary approvals, with the aim of completing these tasks in 12-18 months. The entire project, including the relocation, is expected to take 5-6 years.

Valor Estate is negotiating a 30-year operating agreement for the hotel with international hotel brands. The development includes 3.75 million square feet of vacant retail space, of which 1.5 million square feet is for the hotel and 2.25 million square feet for commercial use, including retail and premium residential. An additional 3.2 million square feet will be reserved for renovation.

L&T Realty and Valor Estate declined to comment on the deal.

Valor Estate has similar agreements with other developers including Macrotech Developers for a residential project in Malad, Mumbai. In recent years, Valor Estate has partnered with companies such as Prestige Estates Projects, Adani Realty, Godrej Properties and RMZ Corp to develop its prime land parcels in Mumbai.

L&T Realty has also signed an agreement for the development of a 30-acre plot in Thane’s Panchpakhadi area, which involves slum rehabilitation and development of over 3 million square feet.

Collaborative development and redevelopment projects are critical in urban real estate markets, especially as land prices rise and vacant land becomes scarce in major cities.