L&T Realty, the Real Estate Development arm of L&T, and Singapore-listed CapitaLand India Trust Management Pte. Ltd., trustee-manager of CapitaLand India Trust (CLINT), have entered into a non-binding term sheet for a commercial platform to develop nearly 6 million square feet of prime office spaces across Bengaluru, Chennai and Mumbai in India.
Under this platform, L&T will build and develop office spaces while CLINT will market the office spaces. Depending on the completion of these developments, CLINT expects the majority of the capital commitment for the projects to start from the second half of 2024 onward. CLINT will acquire the ownership of these properties in a phased manner.
“Indian Office leasing market continues to grow with demand for quality office space from international and domestic clients,” said Shrikant Joshi, CEO and managing director, L&T Realty. “The net absorption space for January-September 2022 period stood at a three-year
