L&T Realty has entered into an agreement with Valor Estate (formerly known as DB Realty) to jointly develop a more than Rs 20,000-crore project on a 10-acre land parcel in Bandra-Kurla Complex (BKC), Mumbai. The land parcel is located next to the upcoming Bombay High Court complex.

The project is a mixed-use one with components of premium housing, commercial spaces, and a 1,000-key five-star luxury hotel, on a revenue and area-share basis.  total development potential of over 7.5 million sq. ft. area, and as per the terms of the agreement, L&T Realty and Valor Estate will share the area in a ratio of 58 percent and 42 percent respectively. Valor Estate will completely own the hotel.

The land parcel is a part of a 13-acre plot with 5,500 families living in slums, who will be rehabilitated as part of the project. Valor Estate will be responsible for getting the land vacated and obtaining necessary approvals for the development, which is expected to be completed in the next twelve to 18 months. 

The entire project, including the rehabilitation work, is expected to be completed over the next five to six years.

Valor Estate recently entered into a similar binding agreement with Macrotech Developers also for a residential project in Malad west locality of Mumbai.