L&T Realty, CapitaLand India Trust to build 6 million square feet of offices
- Larsen & Toubro Real Estate Development and Singapore-listed CapitaLand India Trust Management Pte. Ltd., trustee-manager of CapitaLand India Trust (CLINT), signed a non-binding term sheet to create about 6 million square feet (msf) of office space in Bengaluru, Chennai, and Mumbai.
- L&T Realty CEO and MD Shrikant Joshi stated, “Indian Office leasing market continues to develop with demand for excellent office space from international and domestic clients. The January-September 2022 net absorption space reached a three-year high of 30.3 million square feet (2.8 million square metres).”
- L&T will develop office spaces and CLINT will promote them under this platform.
- “Depending on the completion of these initiatives, CLINT expects the majority of the capital commitment for the projects to start in the second half of 2024. CLINT will acquire the ownership of these properties in a staggered way,” the statement stated.