News
L&T Realty, CapitaLand India Trust to develop 6 mn sq ft prime office spaces


November 8, 2022: L&T Realty and CapitaLand India Trust Management Pte. Ltd., trustee-manager of CapitaLand India Trust (CLINT), have entered into a non-binding term sheet for a commercial platform to develop close to 6 million square feet (0.56 million square metres) of prime office spaces across Bengaluru, Chennai and Mumbai.
Under this platform, L&T will build and develop office spaces while CLINT will market the office spaces. Depending on the completion of these developments, CLINT expects majority of the capital commitment for the projects to start from 2H 2024 onwards. CLINT will acquire the ownership of these properties in a phased manner.


Shrikant Joshi, CEO & MD, 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 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 partnership with CLINT for premium office space in the three top metropolises of India.”


Sanjeev Dasgupta, Chief Executive Officer of the trustee-manager said: “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.”
-
News3 weeks ago
ASK Property Fund To Invest ₹225 cr in Pune
-
News3 weeks ago
Intercontinental Infrastructure signs Actor Sharad Kelkar as brand ambassador for their project at Chakan, Pune
-
News4 weeks ago
NBCC, Kerala State Housing Board Ink MoU
-
Interviews4 weeks ago
As Demand Rises For Co-working & Flexi Office Spaces, Enzyme Office Spaces Gears Up With Expansion Plans
-
News4 weeks ago
hBits appoints Anish Mody as Chief Product Officer
-
News3 weeks ago
Paying Guest (PG) Accommodation Demand Continues to Surge: Magicbricks
-
News3 weeks ago
Leasing by BFSI players surge two-fold at about 7 mn sq feet since 2020: Colliers
-
News3 weeks ago
The Warehousing Market in India is poised to thrive at a remarkable pace