MUMBAI, Singapore – L&T Realty, L&T’s real estate development company, and Singapore-listed CapitaLand India Trust Management Pvt Ltd, trustee manager of CapitaLand India Trust (CLINT) have agreed to develop approximately 60 lakh square feet (0.56 million square meters) of prime office space in Bengaluru, Chennai and Mumbai. have signed a non-binding term sheet for
Under this platform, L&T will develop office space, while CLINT will market the office space. After completion of these operations, CLINT expects the majority of project capital commitments to begin in the second half of 2024. CLINT will acquire ownership of these properties in phases.
Shrikant Joshi, CEO and MD, L&T Realty said, “The Indian office leasing market will continue to grow due to increasing demand for quality office space by international and domestic clients. Net absorption space for January-September 2022 hit a three-year high of 30.3 million square feet (2.8 million square meters). We are delighted to partner with CLINT for premium office space in three of India’s top metro cities.”
Sanjeev Dasgupta, Chief Executive Officer, Trustee-Manager, said, “The proposed commercial platform with L&T will give CLINT an opportunity to expand its presence in major cities in well-established micro-markets. Additionally, L&T’s strong track record in project development and CLINT’s extensive customer network and leasing capabilities will create combined efficiencies across platforms.” Both parties will after signing the Definitive Agreement.