Palava City

Last updated

Palava City
Residential and Commercial
Aerial view of completed developments at Palava today.jpg
Coordinates: 19°10′05″N73°04′26″E / 19.168°N 73.074°E / 19.168; 73.074
Country India
State Maharashtra
District Thane
Founded by Lodha Group
Government
 • BodyPalava City Management Association
Area
 • Total18.21 km2 (7.03 sq mi)
Elevation
10 m (30 ft)
Time zone IST
PIN
421204
Telephone code0251
Vehicle registration MH-05
Website www.palava.in

Palava is an integrated smart city located near Dombivli in Maharashtra state. It is developed by real estate developer Lodha and is built on a 4,500-acre land located between Thane, Navi Mumbai and Kalyan. [1] [2] Palava City is also referred to as the City of Opportunity. [3] It was listed as India's No.1 smart city by Jones Lang LaSalle India's proprietary research report. [4] [5]

Contents

Development

The first phase of Palava City, spread over approximately 300 acres (120 ha), was completed in 2016. By 2016, the company had sold 1,350 homes worth ₹690 crore within the township of Palava. [6] The handover of 18,026 units to the customers was completed by December 2017. The second phase of the development began in 2014. [7] [8] [9]

The entire project is expected to be completed over 4 phases by the year 2025. [10]

Population

There are currently 2 lakh residents [11] in this city.

Finances

Lodha Group received the approval to hit the capital market with an initial public offer (IPO) of about ₹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 ₹9,200 crore in 2007. [12] In early 2018, Kotak Realty Fund, which had invested around ₹540 crore in Palava from its $400 million offshore fund exited with around ₹838 crore, at an IRR of 18%. [13] [14] As of 2019, Piramal Enterprises Ltd (PEL) and Ivanhoé Cambridge, a real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ) have made an equity investment of ₹500 crore in the project. [15] [16] [17] [18]

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References

  1. ↑ "Palava Introduces 9DX to Give Customers a Glimpse of Their Life at India's No.1 Liveable City". Archived from the original on 27 February 2019. Retrieved 27 February 2019.
  2. ↑ "Palava City Offers Residential Spaces with World-Class Amenities". www.palava.in.
  3. ↑ "Lodha launches 'Palava'- The City of Opportunity". www.indiainfoline.com.
  4. ↑ "Palava City, Navi Mumbai, Mohali top emerging cities: JLL". Zee News. 26 September 2017.
  5. ↑ "Lodha Group's Palava ranked India's No. 1 City to Live In by Jones Lang LaSalle". 10 September 2017.
  6. ↑ "Lodha Group sells flats worth Rs 690 crore in Palava township". Zee News. 13 October 2016.
  7. ↑ "Palava Introduces 9DX to Give Customers a Glimpse of Their Life at India's No.1 Liveable City". www.magzter.com.
  8. ↑ "Palava Introduces 9DX to Give Customers a Glimpse of Their Life at India's No.1 Liveable City". article.wn.com. Retrieved 27 February 2019.
  9. ↑ "Palava Introduces 9DX to Give Customers a Glimpse of Their Life at India's No.1 Liveable City - Press Trust of India". Ptinews.com. 31 December 2017. Retrieved 11 March 2019.
  10. ↑ "Lodha set to launch 2nd phase of mega city project in Mumbai". Zee News. 9 January 2014. Retrieved 27 February 2019.
  11. ↑ "Mixed use developments to see an upsurge; Here's why". The Financial Express. 28 May 2020. Retrieved 24 August 2020.
  12. ↑ "Lodha may raise Rs 700 cr from Canadian fund CDPQ for township project Palava City". 29 November 2018 – via The Economic Times.
  13. ↑ Nandy, Madhurima (9 March 2018). "Kotak Realty Fund exits Lodha's Palava township project in Mumbai". Mint.
  14. ↑ Babar, Kailash (9 March 2018). "Kotak Realty Fund makes Rs 838 crore exit from Lodha's Palava City" – via The Economic Times.
  15. ↑ Unnikrishnan.S (9 January 2014). "Lodha to launch '14,000 crore township project in Mumbai". Mint.
  16. ↑ "Piramal, Canadian fund CDPQ invests Rs 500 cr in Lodha's 'Palava City'". Moneycontrol.
  17. ↑ Babar, Kailash (5 February 2019). "Piramal, Ivanhoe Cambridge Residential Equity Fund invest Rs 500 crore in Lodha's Palava" – via The Economic Times.
  18. ↑ Excelsior, Daily (5 February 2019). "Piramal, Canadian fund CDPQ invests Rs 500 cr in Lodha's 'Palava City'".
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