The Buildings & Factories Business of L&T Construction has landed a design & build order worth Rs 2,903 crores, the company has announced, to re-develop Mumbai’s century-old BDD chawls. The project has been awarded by the Maharashtra Housing and Area Development Authority (MHADA).

The contract is the largest residential project awarded to L&T Construction till date. The work, Larsen & Toubro management said, will comprise the design and construction of twenty 23-floor residential towers for rehabilitation, four, high-rise 72 floor towers for sale and one commercial development within a plot area of 16 acres. This would also include the demolition of existing structures, and managing the logistics involved in the rehabilitation of the current occupants.

This is a challenging project, and LT has limited experience with rehabilitation efforts. Usually, such efforts result in a fair amount of news coverage and politicization around rehabilitation, as many families are reluctant to abandon their existing housing and relocate. 

The share price of L&T, which is near its 52 week high, is trending up today on the news.