India, Jan. 19 -- L&T Realty Developers Limited has acquired land in Mumbai's Elphinstone Road area for Rs.448.6 crore to develop a commercial office project, according to property registration documents accessed by Propstack.

The company executed a deed of assignment to acquire the land rights for the 1.34-acre site, along with existing structures collectively known as Khatri Estate, from AVA Smart City LLP.

The 5,414 sq m land parcel is located close to Lower Parel, a key commercial hub housing several office developments.

The consideration includes a cash payment of Rs.300 crore, 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-resident...