L&T Realty Buys Panvel Land Parcel, Eyes Broader Growth Path
L&T Realty, the real estate arm of Larsen & Toubro, has acquired a 34-acre land parcel in Panvel near Mumbai for over ₹102 crore. The transaction involved three separate landowners and marks the company’s first outright land purchase since its inception in 2011.
The land is located near the riverfront and currently falls under an industrial zone. While the company has not officially disclosed its development plans, industry sources indicate that L&T Realty is evaluating options. These could include converting the land for residential development or setting up a precast manufacturing unit to support its construction operations.
This acquisition reflects a change in the company’s approach. Until now, L&T Realty has focused solely on joint development agreements (JDAs) and joint ventures (JVs) to grow its portfolio. The move to direct land acquisition suggests the firm is exploring more independent growth strategies, possibly to gain greater control over project timelines and planning.
One industry source said, “While the deal size may not match L&T Realty’s ongoing large projects, it signals a clear directional shift in the company’s expansion roadmap.”
The acquisition comes at a time when Panvel is drawing increased attention from developers and investors. The area has seen improved connectivity due to multiple infrastructure projects. The Mumbai Trans Harbour Link, which connects Sewri to Nhava Sheva, has cut travel time between South Mumbai and Navi Mumbai. The upcoming Navi Mumbai International Airport is expected to drive further growth. Additionally, CIDCO’s NAINA (Navi Mumbai Airport Influence Notified Area) project is laying the groundwork for long-term urban development.
L&T Realty's entry into Panvel through a direct land purchase underlines its confidence in the region’s potential. Panvel is also becoming a focal point for logistics and warehousing projects, with rising demand for data centers and industrial parks.
The company’s broader development strategy has included high-value collaborations. In 2024, L&T Realty and Valor Estate entered into a binding agreement to develop a project worth over ₹8,500 crore on a 7.5-acre site in Bandra Reclamation, Mumbai. Earlier, it partnered on a 12.2-acre slum rehabilitation project in Panchpakhadi, Thane, which holds a total development potential of more than 3.12 million square feet.
Established in 2011, L&T Realty currently manages a portfolio of approximately 70 million square feet, covering residential, commercial, and retail developments. Its presence spans key Indian cities such as Mumbai, Navi Mumbai, the National Capital Region (NCR), Bengaluru, Hyderabad, and Chennai.
The Panvel transaction is aligned with a broader trend in the Indian real estate market, where developers are increasingly turning to outright land purchases. This shift is being driven by growing demand for housing, logistics infrastructure, and digital facilities across metro and emerging urban regions. The current momentum in land deals—both purchases and partnerships—reflects an active phase of land banking, particularly in markets like Mumbai, Pune, Chennai, Hyderabad, and Bengaluru.