Palava City
Palava City | |
|---|---|
Residential and Commercial | |
 | |
| Coordinates: 19°10′05″N 73°04′26″E / 19.168°N 73.074°E / 19.168; 73.074 | |
| Country | India |
| State | Maharashtra |
| District | Thane |
| Founded by | Lodha Group |
| Government | |
| • Body | Palava City Management Association |
| Area | |
| • Total | 18.21 km2 (7.03 sq mi) |
| Elevation | 10 m (30 ft) |
| Time zone | IST |
| PIN | 421204 |
| Telephone code | 0251 |
| 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]
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]
References
- ^ "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.
- ^ "Palava City Offers Residential Spaces with World-Class Amenities". www.palava.in.
- ^ "Lodha launches 'Palava'- The City of Opportunity". www.indiainfoline.com.
- ^ "Palava City, Navi Mumbai, Mohali top emerging cities: JLL". Zee News. 26 September 2017.
- ^ "Lodha Group's Palava ranked India's No. 1 City to Live In by Jones Lang LaSalle". 10 September 2017.
- ^ "Lodha Group sells flats worth Rs 690 crore in Palava township". Zee News. 13 October 2016.
- ^ "Palava Introduces 9DX to Give Customers a Glimpse of Their Life at India's No.1 Liveable City". www.magzter.com.
- ^ "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.
- ^ "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.
- ^ "Lodha set to launch 2nd phase of mega city project in Mumbai". Zee News. 9 January 2014. Retrieved 27 February 2019.
- ^ "Mixed use developments to see an upsurge; Here's why". The Financial Express. 28 May 2020. Retrieved 24 August 2020.
- ^ "Lodha may raise Rs 700 cr from Canadian fund CDPQ for township project Palava City". 29 November 2018 – via The Economic Times.
- ^ Nandy, Madhurima (9 March 2018). "Kotak Realty Fund exits Lodha's Palava township project in Mumbai". Mint.
- ^ Babar, Kailash (9 March 2018). "Kotak Realty Fund makes Rs 838 crore exit from Lodha's Palava City" – via The Economic Times.
- ^ Unnikrishnan.S (9 January 2014). "Lodha to launch '14,000 crore township project in Mumbai". Mint.
- ^ "Piramal, Canadian fund CDPQ invests Rs 500 cr in Lodha's 'Palava City'". Moneycontrol.
- ^ 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'".