You are here: Home » Companies » News
Divi's Lab Q2 net profit dips 18% to Rs 494 cr, revenue down to Rs 1,854 cr
icon-arrow-left
Hiring of top-level professionals slowing down in Indian startups: Report
Business Standard

L&T Realty, CapitaLand tie up to develop 6 mn sq ft of prime office space

L&T will build and develop the spaces, CLINT will market them; most of the projects are to be started from the second half of 2024

Topics
Real Estate  | L&T Realty | CapitaLand

Pratigya Yadav  |  New Delhi 



construction
Representative Image

L&T Realty, the development arm of L&T and Singapore-listed India Trust Management Pte. Ltd, trustee-manager of India Trust (CLINT), have entered into a non-binding term sheet to set up a commercial platform for developing six million square feet of prime office space in Bengaluru, Chennai and Mumbai.

Through this platform, L&T will build and develop the office spaces, while CLINT will market them.

According to CLINT, most of the projects are to be started from the second half of 2024. CLINT has planned to acquire the ownership of these properties in a phased manner, said the release.

“The Indian office leasing market continues to grow with demand for quality office space from international and domestic clients. The net absorption space for January-September 2022 period stood at a three-year high of 30.3 mn sq ft,” said Shrikant Joshi, CEO & MD, .

The proposed commercial platform with L&T provides CLINT an opportunity to scale up its presence across three major cities in well-established micro-markets, said Sanjeev Dasgupta, Chief Executive Officer of the trustee-manager.

“L&T’s strong track record in project development and CLINT’s extensive customer network and leasing capabilities will create synergies across the platform,”he added.

He said both parties will make an announcement at a later date when definitive agreements are signed.


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Mon, November 07 2022. 16:42 IST

RECOMMENDED FOR YOU

.