L &T Realty Ltd, the real estate unit of India’s largest engineering company Larsen and Toubro, has secured approval to develop a special economic zone (SEZ) in north Bengaluru, though its focus will be on projects in west India, said a company official.
The Mumbai-based firm plans to develop around 3 million sq. ft of commercial office space in the SEZ, which is part of a large mixed-use development with total developable potential of 9 million sq. ft, and also has a residential township.
Earlier this week, L&T Realty, which has a portfolio of nearly 50 million sq. ft of ongoing and upcoming projects, said it will sell its 51% stake in a 92-acre township project in Siruseri, Chennai, to investment firm Pragnya Advisors Pvt. Ltd for Rs190 crore, as part of its strategy to exit most property markets outside western India.
Read more: Live Mint
