L&T Infra Finance to purchase 20.23 hectares in Lavasa City

MUMBAI: L&T Infra Finance has signed an agreement with Lavasa Corporation to purchase 20.23 hectares of land at Mugaon town in Lavasa City.

"L&T Infra Finance, a subsidiary of L&T Finance Holdings, has signed an agreement with Lavasa Corporation for purchase of 20.23 hectares of land, with a development potential of five lakh square feet at Mugaon town in Lavasa City near Pune," a release issued here today by Lavasa said.

However, the company did not disclose financial details of the deal. Mugaon happens to be the second town being developed in Lavasa City after Dasve.

"L&T Infra Finance proposes to utilise this land for corporate purposes and potentially for back-office requirements of L&T Financial Services," L&T Infra Finance Chief Executive G Krishnamurthy said.

He said that Lavasa City represented the way new cities in India would come up and the company saw investment in this project as an opportunity to participate in its growth.

Lavasa comprises five self-sustaining towns with a capacity to house a permanent resident population of around 2.4 lakh citizens and an estimated two million tourists per annum.

Commenting on the deal, HCC Group Chief Operating Officer Rajgopal Nogja said, "This move will create employment opportunities and give an impetus to the region's development".