Lodha Developers Sells 24-Acre Land in Mumbai to STT Global Data Centres for Rs 500 Crore
Lodha Developers, a prominent real estate firm in India, has completed the sale of a 24-acre land parcel in the Mumbai region to STT Global Data Centres, a Singapore-based data centre services provider, for approximately Rs 500 crore. The deal, which has been officially registered, marks a significant step in the development of the Palava township.
According to sources, the 24.34-acre land is located in Palava, a planned city in Maharashtra. The transaction involves 1.74 acres of land from Lodha Developers and 22.6 acres from its subsidiary, Palava Induslogic 4 Pvt Ltd, for a total consideration of about Rs 499 crore. Despite the significant deal, Lodha Developers has not commented on the transaction.
Earlier this month, Lodha Developers signed a Memorandum of Understanding (MoU) with the Maharashtra government to establish a green integrated data centre park in Palava. The MoU outlines a total proposed investment of Rs 30,000 crore, which is expected to create 6,000 direct and indirect jobs. The park, spread over 370 acres, is designed to host multiple leading international and domestic data centre players and will have a planned capacity of 2 gigawatts.
Lodha Developers has a substantial land bank in Palava and is leveraging this to build an integrated township that includes housing, commercial, warehousing, and data centre projects. This strategic move aligns with the company's vision to create a sustainable and technologically advanced urban environment.
Lodha Developers, one of the leading real estate companies in India, has delivered around 100 million square feet of real estate and is currently developing more than 110 million square feet under its ongoing and planned portfolio. The company's commitment to innovation and sustainable development is evident in its recent partnerships and investments in the data centre sector.
The acquisition by STT Global Data Centres is a testament to the growing importance of data centres in the digital economy. As the demand for data storage and processing continues to rise, the development of a green integrated data centre park in Palava is expected to attract significant investments and contribute to the economic growth of the region.
Lodha Developers' strategic partnership with the Maharashtra government and its focus on sustainable development are key factors in the success of this project. The company's vision to create a comprehensive and integrated urban environment is anticipated to set new standards in the real estate and technology sectors in India.
