Palava is an integrated

smart city A smart city is a technologically modern urban area that uses different types of electronic methods and sensors to collect specific data. Information gained from that data is used to manage assets, resources and services efficiently; in return ...

located near Dombivli in Maharashtra state. It is developed by real estate developer

Lodha Lodha may refer to Hindu or Jain surname, caste, tribe or community which have different origin and class. Disambiguation: Lodhia, a Kshatriya (Chandravanshi) surname used by people in India. * Lodha people, are a tribal/Adivasi people living prim ...

and is built on a 4,500-acre land located between

Thane Thane (; also known as Thana, the official name until 1996) is a metropolitan city in Maharashtra, India. It is situated in the north-eastern portion of the Salsette Island. Thane city is entirely within Thane taluka, one of the seven talukas ...

Navi Mumbai Navi Mumbai (), is a planned city situated on the west coast of the Indian subcontinent, located in the Konkan division of Maharashtra state, on the mainland of India. Navi Mumbai is part of the Mumbai Metropolitan Region (MMR). The city is ...

and

Kalyan Kalyan (Pronunciation: Help:IPA/Marathi, əljaːɳ is a city on the banks of Ulhas River in Thane district of Maharashtra state in Konkan division. It is governed by Kalyan-Dombivli Municipal Corporation. Kalyan is a subdivision (Taluka) ...

. Palava City is also referred to as the City of Opportunity. It was listed as India's No.1

Jones Lang LaSalle Jones Lang LaSalle Incorporated (JLL) is a global commercial real estate services company, founded in the United Kingdom with offices in 80 countries. The company also provides investment management services worldwide, including services to insti ...

India's proprietary research report.

Development

The first phase of Palava City, spread over approximately , was completed in 2016. By 2016, the company had sold 1,350 homes worth 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.

Population

There are currently 2 lakh residents in this city.

Finances

Lodha Group received the approval to hit the capital market with an

initial public offer An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

(IPO) of about . Upon the success of share sales, this would become the second biggest IPO in the real estate sector after DLF that raised close to in 2007. In early 2018, Kotak Realty Fund, which had invested around in Palava from its $400 million offshore fund exited with around , at an IRR of 18%. As of 2019,

Piramal Enterprises Ltd The Piramal Group is an Indian multinational conglomerate that has presence across various sectors such as healthcare, life sciences, drug discovery, financial services, alternative investment and real estate. History In the early 1980s, Ajay ...

(PEL) and

Ivanhoé Cambridge Ivanhoé Cambridge Inc. is a Canadian real estate company based in Montreal, Quebec. With assets around the globe, its areas of activity are investment, development, asset management, operations and leasing. The company's real estate portfolio c ...

, a real estate subsidiary of

Caisse de dépôt et placement du Québec Caisse de dépôt et placement du Québec (CDPQ; ) is an institutional investor that manages several public and parapublic pension plans and insurance programs in Quebec. CDPQ was founded in 1965 by an act of the National Assembly, under the go ...

(CDPQ) have made an equity investment of in the project.

References

{{reflist 2000s establishments in India Mumbai Smart cities in India Planned cities in India Cities in Maharashtra