Residential and Commercial
|Founded by||Lodha Group|
|• Body||Palava City Management Association|
|• Total||18.21 km2 (7.03 sq mi)|
|Elevation||10 m (30 ft)|
Palava is an integrated smart city located near Thane in Maharashtra state. It is developed by real estate developer Lodha Group and is built on a 4500-acre land located between Thane, Navi Mumbai and Kalyan. Palava City is also referred to as the City of Opportunity. It was listed as India's No.1 smart city by Jones Lang LaSalle India's proprietary research report.
The first phase of Palava City, spread over approximately 300 acres, was completed in 2016. By 2016, the company had sold 1350 homes worth Rs 690 crore within the township of Palava. The handover of 18,026 units to the customers was completed by December 2017. The second phase of the development began in 2014.
The entire project is expected to be completed over 4 phases by the year 2025.
There are currently 2 lakh residents in this city.
Lodha Group received the approval to hit the capital market with an initial public offer (IPO) of about Rs 5,500 crore. Upon the success of share sales, this would become the second biggest IPO in the real estate sector after DLF that raised close to Rs 9,200 crore in 2007. In early 2018, Kotak Realty Fund, which had invested around Rs 540 crore in Palava from its $400 million offshore fund exited with around Rs 838 crore, at an IRR of 18%. As of 2019, Piramal Enterprises Ltd (PEL) and Ivanhoé Cambridge, a real estate subsidiary of CDPQ (Caisse de Dépôt et Placement du Québec) have made an equity investment of Rs 500 crore in the project.
- "Archived copy". Archived from the original on 27 February 2019. Retrieved 27 February 2019.CS1 maint: archived copy as title (link)
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- Babar, Kailash (5 February 2019). "Piramal, Ivanhoe Cambridge Residential Equity Fund invest Rs 500 crore in Lodha's Palava" – via The Economic Times.
- Excelsior, Daily (5 February 2019). "Piramal, Canadian fund CDPQ invests Rs 500 cr in Lodha's 'Palava City'".