L&T Realty Developers Limited has acquired a 1.34-acre land parcel in Mumbai’s Elphinstone Road area for Rs 4.486 billion to develop a commercial office project, according to property registration documents accessed by Propstack. The company executed a deed of assignment to acquire land rights for the site, along with existing structures collectively known as Khatri Estate, from AVA Smart City LLP. The 5,414 sq m parcel is located close to Lower Parel, a key commercial hub with a strong office market. The total consideration includes a cash payment of Rs 3 billion, with the balance settled through an area-sharing arrangement. Under this structure, L&T Realty will hand over 55,000 sq ft of RERA carpet area non-residential warm-shell space, spread across the ninth and 15th floors, or as mutually agreed, in the new commercial building. The agreement also provides for proportionate car parking spaces for AVA Smart City LLP. A stamp duty of Rs 0.26 billion was paid on the transaction, which was registered on January 9, 2025, along with a registration fee of Rs 30,000. Confirming the acquisition, L&T Realty said the site will be developed into a premium Grade A office tower as part of its Innovation Campus portfolio. The proposed landmark development will comprise three basement levels, a ground floor, six podium levels and 28 office floors, with efficient floor plates of about 14,000 sq ft of carpet area. Amenities will include a crèche, business lounge and food and beverage outlets. Anupam Kumar, Chief Executive Officer and Managing Director of L&T Realty, said the Innovation Campus at Lower Parel has been envisioned as a future-ready workplace catering to the BFSI micro-market, benefiting from strong corporate presence, excellent connectivity, robust social infrastructure and proximity to premium residential catchments. He added that with a construction timeline of around 36 months, the company plans to lease the building to top-tier corporates to create a high-quality, long-term rental annuity, marking a strategic shift towards outright land acquisitions. The transaction comes amid heightened land deal activity in Mumbai. The Mumbai Metropolitan Region recorded the highest number of land deals in the first half of 2025, with 24 transactions spanning over 433 acres, according to Anarock. Across India, 76 land deals covering about 2,900 acres were concluded in the same period. Recent high-value transactions include veteran actor Jeetendra Kapoor and his family selling a two-acre parcel in Andheri for Rs 8.55 billion to NTT Global Data Centres for a data centre development. Separately, the Reserve Bank of India acquired 4.16 acres at Nariman Point from the Mumbai Metro Rail Corporation Limited for Rs 34.72 billion. In December 2025, a prime 2.5-acre plot in Mahalaxmi fetched a record Rs 22.51 billion for a 99-year lease by the Rail Land Development Authority, which plans to raise at least Rs 80 billion by leasing key land parcels across Mumbai.