L&T Realty, the real estate arm of engineering and construction major Larsen & Toubro, has acquired a 1.34-acre land parcel in Mumbai’s prime Elphinstone Road area for ₹448.6 crore. The acquisition marks another strategic move by the developer to strengthen its commercial real estate portfolio in Mumbai, one of India’s most sought-after office markets.
Located in central Mumbai, Elphinstone Road—now officially known as Prabhadevi—has emerged as a key commercial and mixed-use hub due to its excellent connectivity and proximity to major business districts such as Lower Parel, Worli, Bandra-Kurla Complex (BKC), and Nariman Point. The area enjoys seamless access via the Western Railway suburban line, upcoming metro corridors, and major arterial roads, making it highly attractive for corporate occupiers.
According to market sources, L&T Realty plans to develop a high-quality commercial project on the acquired land. While detailed project specifications are yet to be officially announced, the development is expected to feature modern office spaces aligned with global standards. With strong demand for Grade A commercial offices in Mumbai, especially from IT, BFSI, consulting, and multinational companies, the project is likely to see robust interest from tenants and investors alike.
This acquisition reflects L&T Realty’s long-term confidence in Mumbai’s commercial real estate growth story. Despite evolving work patterns and the rise of hybrid work models, demand for well-located, future-ready office spaces remains strong. Central business districts and micro-markets like Elphinstone Road continue to command premium rentals due to limited land availability and sustained occupier demand.
The ₹448.6 crore transaction value also highlights the increasing land prices in central Mumbai, where redevelopment and commercial opportunities are limited. Developers with strong balance sheets and execution capabilities, such as L&T Realty, are better positioned to capitalise on such high-value acquisitions and deliver large-scale commercial developments.
L&T Realty has been steadily expanding its footprint across residential, commercial, and mixed-use developments in key Indian cities including Mumbai, Bengaluru, Chennai, and Hyderabad. In Mumbai, the developer already has a strong presence with landmark projects in Powai, BKC, and other strategic locations. The Elphinstone Road commercial project is expected to further enhance the company’s portfolio and reinforce its position in the city’s office market.
From a broader market perspective, this deal signals renewed momentum in Mumbai’s commercial real estate segment. As economic activity stabilises and corporate expansion plans pick up pace, developers are increasingly focusing on well-connected urban locations that offer long-term value. The Elphinstone Road project by L&T Realty is likely to contribute significantly to Mumbai’s premium office supply in the coming years.
Overall, L&T Realty’s land acquisition in Elphinstone Road underlines the enduring appeal of Mumbai as a commercial real estate destination and sets the stage for a new landmark office development in the heart of the city.
