Engineering and construction major Larsen & Toubro said on Monday it would develop an integrated commercial complex in Navi Mumbai at a project cost of Rs 3,500 crore (Rs 35 billion), its single largest investment in the real estate development sector.
Besides, it would also develop Seawoods-Darave Railway station over the next three years, the company said in a filing to the Bombay Stock Exchange.
The property development division would build the integrated commercial complex at Seawoods railway station, Navi Mumbai over 40 acres of land. The proposed project is expected to be completed over the next five years, the company added.
Once this project is commissioned, L&T would develop in-house capabilities to build and operate such transit oriented developments around railway stations.
The scope of development would consist of a modern railway station, large format retail and entertainment space, multiplexes, office complex and premium category hotel and service apartments.
Cushman Wakefield and Jones Lang Lasalle Meghraj were engaged for real estate advisory services for the project.