L&T Realty expands development portfolio with NCR land acquisition

Acquisition of ₹1,123 crore adds Gurugram to co portfolio amid expansion

L&T Realty Properties Ltd (LTRPL), a wholly owned subsidiary of Larsen & Toubro, acquired a 100 per cent stake in International Green Scapes Ltd (IGSL), Delhi, enabling LTRPL to leverage 20 acres of land owned by IGSL in Gurugram.

 

In a stock exchange filing on April 10, the company had noted that the cost of acquisition is ₹1,123 crore. The land offers a development potential of approximately 3.6 million square feet (msf).

 

The all-cash deal marks LTRPL’s first land acquisition in the NCR micro-market. According to Square Yards Data Intelligence, the average property price in Gurugram stood at ₹14,872 per square foot as of March 2026.

 

 

A source familiar with the matter said that the land will be utilised for a residential development. LTRPL operates in the urban-premium and luxury real estate segments.

 

Further, during the fiscal year 2026 (FY26), LTRPL and L&T Realty Developers Ltd, another wholly owned subsidiary of L&T, cumulatively completed land acquisitions across Mumbai, Delhi, and Bengaluru, having an aggregate development potential of 3 msf. The acquisitions have strengthened the development potential in the medium term, L&T noted.

 

S N Subrahmanyan, chairman and managing director, L&T, said, “India’s real estate market is transitioning into an organised, transparent and institutionally funded ecosystem, with both residential and commercial segments poised for growth over the next decade. L&T Realty is building a substantial development pipeline through disciplined and proactive land acquisitions and joint development partnerships”.

 

Anupam Kumar, chief executive officer and managing director of L&T Realty, said, “L&T Realty is poised for growth through a strategy that is rooted in disciplined expansion, customer trust and long-term value creation”.

 

L&T, in December last year, initiated consolidation of its realty business into L&T Realty Properties, a move analysts believe could pave the way for a potential listing.

 

According to a JM Financial report dated 8 December 2025, L&T Realty could achieve sales of ₹8,500 crore and earnings before interest, taxes, depreciation, and amortisation (Ebitda) of ₹4,700 crore by FY30, valuing the business at around ₹58,000 crore. The company overall delivered sales of ₹850 crore in the first half of FY26.

 

Currently, India’s top listed developers are DLF (market capitalisation at over ₹1.47 trillion), Lodha Developers (at over ₹86,451 crore), Prestige Estates Projects (at over ₹60,642 crore), Oberoi Realty (at over ₹62,765 crore), and Godrej Properties (at ₹55,101 crore).

 

The company is now also pursuing select projects via land acquisitions and joint developments, over and above the development of self-owned land, the report added. Consolidation of the entire realty business into one entity is likely to bring in increased management focus and aid further scale-up of the business.

 

In January this year, it acquired land rights in Mumbai’s Lower Parel for ₹448.6 crore to develop a premium, grade-A commercial office building.

 

“This outright land acquisition marks yet another significant step in the company’s strategic direction for future growth, moving beyond collaborations and into direct land purchases”, Kumar had said at the time of the Lower Parel acquisition.

Additionally, L&T Realty’s portfolio spans 70 msf across residential and commercial segments, with the company’s presence in cities including the Mumbai Metropolitan Region (MMR), Bengaluru, Chennai, Hyderabad, and NCR.