L&T takes up Rs. 700 cr realty project

Adding to its project portfolio in the country's real estate sector, L&T Construction, which is a wholly owned arm of the Larsen and Toubro, has recently secured a realty project from Piramal Realty entailing an investment of Rs. 700cr. The contract in question for the project, which is located in Mumbai's Byculla locality entailed scope of work including the construction of civil work for the premium residential project named as Piramal Aranya covering around 4 million sq. ft. constructed area, said official sources, claiming that Piramal Realty, the real estate arm of Piramal Group, is planning to invest around Rs. 4,450-cr to develop this project. The total project expenditure includes land acquisition, project development and other execution costs.