L&T Realty, the real estate arm of conglomerate Larsen & Toubro Ltd, aims to double its portfolio to roughly 150 million sq ft by 2031, focusing on premium and luxury residential projects to drive faster growth, managing director and chief executive Anupam Kumar told Mint in an interview.
Under its business plan, the company intends to expand its portfolio from 70-71 million sq ft in 2025-26 to about 150 million sq ft over the next five years. Residential-led developments will comprise about 85% of this total, with commercial projects making up the remaining 15%.
“This is not growth for the sake of scale. It is a calibrated expansion anchored in our existing strengths across Mumbai, NCR (National Capital Region), Bengaluru and Chennai, with selective land positions in future growth corridors as they open up. Our philosophy remains clear: fewer, bigger, stronger — not indiscriminate expansion across geographies,” said Kumar. “We are deliberately selective about land and will walk away from opportunities that do not meet our return threshold,” he added.
A veteran of the Larsen & Toubro group for over three decades, Kumar previously led the minerals and metals vertical before transitioning to the real estate business in 2022 and assuming leadership of the division in late 2023.
Four growth pillars
L&T Realty’s growth model rests on four pillars, Kumar said: land and redevelopment opportunities, differentiated premium and luxury products, technology-led execution, and a customer-centric sales engine.
“Our engineering heritage gives us a structural advantage in delivering large, complex developments. We are also investing in technology, including a single AI command centre that integrates design, cost, sales, CRM, financial modelling, competitive tracking and forecasting,” he added.
The Mumbai firm has a strong, phased residential launch pipeline for FY27, with three to four launches planned in the Mumbai Metropolitan Region (MMR), two in Delhi-NCR and two in Bengaluru, Kumar said. He added that most of these launches are scheduled from October onward, and that Gurugram, Bengaluru and Mumbai will have a combined launch potential of ₹25,000 crore.
“Our objective is to maintain at least 12 quarters of ready-to-launch visibility while retaining the flexibility to respond to evolving market conditions and customer demand,” Kumar said.
India’s real estate sector, particularly the residential market, has experienced a multi-year surge since the pandemic. L&T Realty’s growth push comes as fellow corporate developers including Birla Estates, Adani Properties, and Raymond Realty are also scaling up operations. Property consultants note that homebuyers today prioritize trusted brands, placing greater reliance on developers with strong credibility and proven execution track records.
Housing demand across the top eight cities held steady in the July-September quarter, with sales touching 123,000 units, a 1% uptick from the previous quarter, according to Liases Foras Research estimates. Developers, however, are bringing fresh supply to market faster than demand is expanding, with new project launches rising 7.6% quarter-on-quarter to 113,391 units.
“Real estate is inherently cyclical, and we do not build our strategy on the assumption that every year will mirror the last. Our five-year plan is not a short-term response to a strong market; our focus now is to build a business that can perform across cycles,” said Kumar.
Consolidation drive
Meanwhile, the consolidation of the L&T Group’s real estate business under L&T Realty is moving through the required statutory and regulatory approvals, with the National Company Law Tribunal (NCLT) approval process expected to conclude shortly.
Kumar said the objective of the restructuring is to consolidate the group’s real estate assets into a single, unified, and future-ready platform.
“This is fundamentally about value creation, capital efficiency and building a more transparent development platform. It is not driven by the need to raise capital. The business was effectively operating across multiple entities and subsidiaries. Consolidating it into one platform gives investors and partners a cleaner view of the business and sends a clear signal that we are committed to building L&T Realty for the long term,” he added.
The consolidation also sets the stage for a potential public listing down the road. “That possibility is part of the rationale for creating a single, identifiable real estate entity. Our immediate priority, however, is to continue building the business. The business must create sustained value first. The appropriate capital-markets path can follow at the right time,” Kumar said.