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{image-L&T01_21042008.jpg news.oneindia.in}Mumbai, Apr 21: The Property Development Division of Larsen&Toubro Limited (L&T), India's leading engineering, technology and construction company, today announced development of a world class Integrated Commercial Complex at Seawoods railway station, Navi Mumbai.

The project covers over 40 acres of land at a projected cost of Rs 3500 crore. L&T will also develop a state-of-art Seawoods-Darave railway station over the next three years, the company said here. The Development Agreement between L&T and CIDCO was signed today at CIDCO's office here by the Company's Vice Chairman and Managing Director G S Gill and L&T Vice President and Head-Property Development Vivek Mehta. CIDCO had floated this proposal in mid 2007 and the same was opened on February five. L&T was one of the three qualified developers and bagged this project by bidding Rs 1809 crore.

The project has the potential to develop four to five Million Sq ft of usable space. The development will consist of a modern railway station, large format retail and entertainment space, multiplexes, office complex, and premium category hotel and service apartments.

L&T was in the process of short-listing international architects to develop the concept and master plan for the project. M/s Cushman Wakefield and Jones Lang Lasalle Meghraj have been engaged for real estate advisory services for the project. This was the single largest investment by the Company in the Real Estate Development Sector.

L&T proposes to develop this project as a destination for urban shopping and entertainment catering to Navi Mumbai and Mumbai. This would be done by dedicating large spaces for entertainment, gaming sports activities and entertainment facilities for children. The Company also proposes to create a differentiated shopping experience by creating various specialty malls like home interior and jewellery malls.

UNI