Lodha Developers Outpaces Reliance and Adani in India’s Data Centre Race

India’s data-centre race is heating up, and Lodha Developers is quietly shaking up the industry. While giants like Reliance and Adani dominate headlines with their AI-ready projects, Lodha is making strategic moves that could redefine the game. With bold plans, anchor partnerships, and cutting-edge infrastructure in the works, this real estate player is emerging as a contender investors can’t ignore.

Adani’s data centre strategy is being executed through AdaniConneX, a 50:50 joint venture between Adani Enterprises and global data-centre operator EdgeConneX. The platform is built around a long-term vision of developing large, utility-scale data centres across India, combining Adani Group’s strengths in power, land access, and infrastructure execution with EdgeConneX’s global experience in designing and operating hyperscale facilities.

The joint venture is working towards an eventual capacity of up to 1 gigawatt, with a strong focus on renewable energy integration, reliability, and high uptime. A major validation of this approach came with Adani Enterprises partnering with Google to develop an AI-focused data-centre campus in Visakhapatnam, Andhra Pradesh. Google’s proposed AI hub is expected to attract cumulative investments of around USD 15 billion between 2026 and 2030 and operate at gigawatt scale (1 GW according to a report from Mint), supported by subsea cable connectivity and clean energy infrastructure to handle high-intensity AI and cloud workloads.

Reliance Industries has entered the data-centre space through Digital Connexion, a joint venture with Canadian asset manager Brookfield and US-based real estate investment trust Digital Realty. The JV has announced a USD 11-billion investment over five years to establish a 1-gigawatt (GW) AI-ready data centre in Visakhapatnam, Andhra Pradesh. This marks Reliance’s first confirmed data-centre project, following chairman Mukesh Ambani’s announcement at the company’s AGM on 29 August that the group will invest heavily in AI infrastructure. Analysts at Morgan Stanley note that beyond internal use, the Visakhapatnam facility may also be leased out in a ‘data centre-as-a-service’ model.

Lodha Developers Ltd has rapidly positioned itself as a major player in India’s data centre ecosystem. Just four months after signing a memorandum of understanding (MoU) worth Rs. 30,000 crores with the Maharashtra government, the company committed an additional Rs. 1 lakh crore on January 19, 2026, during the World Economic Forum in Davos. Signed by Abhishek Lodha, MD and CEO of Lodha, the new MoU brings the total investment to Rs. 1.3 lakh crores for a 2.5-gigawatt data centre park, making it the largest in the country.

The park, spanning approximately 400 acres, is expected to generate over 16,000 direct and indirect jobs and will host several major international and domestic operators. Amazon has already secured land and made arrangements for its power requirements for the next 15 years, while Singapore-based STT Global Data Centres has also acquired a parcel within the park. Leveraging decades of construction expertise, Lodha will play the role of developer for these players, facilitating large-scale deployment of data-centre infrastructure.

The Palava data centre park already has two anchor customers: Amazon Web Services (AWS) and STT Global Data Centres. In the Q1FY26, Lodha signed an MoU under the Green Digital Infrastructure policy, through which the Maharashtra government provides significant incentives for operators establishing data centres in the park. The total benefits under this policy for a roughly 400 MW capacity are estimated to exceed USD 1 billion, and Lodha anticipates further advantages once the central government finalises its draft national data centre policy. These policy incentives are expected to enhance interest in the park and strengthen India’s broader AI and digital infrastructure ecosystem.

Lodha has meticulously assembled one of the most comprehensive data-centre infrastructure packages in India, arguably among the best globally. The park has nearly 3 gigawatts of power availability through five different EHV lines, with access to green energy, and over 100 MLD of recycled water, reducing energy costs for cooling systems. Fibre-optic connectivity is robust, ensuring low-latency links to Europe, which currently range between 140 and 150 milliseconds and are potentially reducible to 120 milliseconds with further investment.

Building costs are highly competitive, coming in at USD 6–7 million per megawatt, compared with USD 10-12 million per megawatt in the US and Europe, while power tariffs range from USD 0.07 to USD 0.08 per kilowatt hour. The park also achieves a power utilization efficiency (PUE) of 1.2-1.3, among the lowest in the world. With all land, permits, power, water, and connectivity in place, Lodha is well-positioned to operationalize new data centres in less than 24 months, offering an exceptionally competitive environment for operators.

Land sales within the park have been strong, with the last transactions from anchor operators like Amazon and STT valued at approximately Rs. 0.21 billion per acre. With the new state and central policies, values are moving toward USD 0.3 billion per acre, bringing the total valuation of the remaining land to around Rs. 100 billion. Each acre can accommodate 8-10 megawatts of IT power capacity, with potential annualised PAT of approximately Rs. 0.1 billion per megawatt, demonstrating significant economic upside beyond mere land sales. Lodha plans to continue selective third-party land sales to strengthen the data-centre and AI ecosystem in Palava.

Mumbai’s role as India’s largest data-centre hub, with nearly 50 percent of national capacity and key undersea cable landings, further enhances the attractiveness of Lodha’s park. The infrastructure allows scalability for AI training workloads and high-density computing operations, combining low latency, cost efficiency, and rapid deployment timelines. Lodha is also exploring partnerships with AI-focused entities and innovative deployment models, such as powered shell facilities, to offer additional value beyond land and core infrastructure.

In conclusion, Lodha Developers is outpacing even Reliance and Adani in India’s data-centre race. While Reliance has officially announced only 1 GW in Visakhapatnam, with Jamnagar still to be confirmed, and AdaniConneX is targeting 1 GW, Lodha’s 2.5-gigawatt park in Maharashtra, anchored by Amazon and STT Global, already positions it as a major contender. With world-class infrastructure, competitive costs, rapid deployment timelines, and scalable operations, Lodha is not just building India’s largest data-centre hub; it is redefining the nation’s digital infrastructure landscape.