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L&T undertakes development of Bombay Dyeing Complexes in Mumbai

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Mr. K.V. Rangaswami, Director and President of L&T said to www.propertykhazana.com that, “L&T is developing 9 Million Sq.Ft at Bombay Dyeing & Manufacturing Company’s Textile Mills and Spring Mills complexes at Worli and Wadala with investment pour of Rs. 2,000 Crores and it will be a total commercial venture comprising retail, IT and Hospitality space with no housing modules in it.” At Worli the build up area will be around 44 Lakhs Sq.Ft with 13 Lakhs Sq.Ft of IT space and hotel around 6 Lakhs Sq.Ft and Wadala area will be about 53 Lakhs Sq.Ft, having 20 Lakhs Sq.Ft for IT and 6 Lakhs Sq.Ft for hospitality.
L&T is focusing its concentration on real estate ventures and Rangaswami said that, “Venture introduction to infrastructure and construction for L&T’s ECC division was the same, at around 30% each. In airports still the main part of the work pending is building the terminal.”
Bombay Dyeing representative, Ms. Carolina Bajaj said to www.propertykhazana.com that, “Company has given entry into a framework construction and building contract with L&T to build up mixed-use developments at Spring Mills, Dadar and Textile Mills, Worli. Mr. Anand J. Gupta, General Secretary of the Builders Association of India said that, “Any extra floor space in Mumbai is greeted, but in spite the dimension of the commercial project, it will not have major bearing on the market when about 5 Crores Sq.Ft was built yearly in Mumbai.” For Chennai venture L&T had purchased 6 hectares at Siruseri in Chennai, this housing project will be of 70 Lakhs Sq.Ft and it is developed on 50:50 JV basis with the Chennai based developer Arun Excello for Rs. 2,000 Crores IT SEZ venture on GST Road in the city. In Mumbai it was operating with Kingston Developers and at Oberoi Gardens.
Source: NBTVLIVE

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