Lodha Developers to Invest Rs 1 Lakh Crore in Maharashtra Data Center Park

Lodha Developers, a leading real estate firm in India, has signed an initial pact with the Maharashtra government for an additional Rs 1 lakh crore investment to build a data center park. This comes just four months after the company signed a memorandum of understanding (MoU) worth Rs 30,000 crore for a similar project. With this new commitment, the total investment in the data center park has now reached Rs 1.3 lakh crore.

In a regulatory filing, Lodha Developers announced the new commitment, which was signed by Abhishek Lodha, MD and CEO of Lodha Developers, with the government of Maharashtra during the World Economic Forum at Davos on January 19. The data center park, with a capacity of approximately 2.5 gigawatts, is poised to become the largest in the country.

The project is expected to create over 16,000 direct and indirect jobs, significantly boosting the local economy. The park will accommodate several major international and domestic players, with Amazon and Singapore-based STT Global Data Centres already acquiring land parcels for their data centers. Amazon has also made arrangements for its power requirements for the next 15 years.

Lodha Developers will act as the developer for several entities keen on setting up data centers within the park. Abhishek Lodha expressed his enthusiasm, stating, 'Over and above the Rs 30,000 crore commitment last year to develop the data center park, we have signed another agreement with the government of Maharashtra to invest an additional Rs 1 lakh crore. The state has already scaled newer heights under the leadership of Devendra Fadnavis, Chief Minister of Maharashtra.'

The Maharashtra government has also signed 19 MoUs involving investment commitments worth Rs 14.5 lakh crore and over 15 lakh jobs during the first day of the World Economic Forum Annual Meeting. These MoUs span various sectors and highlight strong global confidence in Maharashtra's consumer markets, infrastructure readiness, and long-term growth fundamentals.

Lodha Developers, known for selling properties under the Lodha brand, is one of the leading real estate developers in the country. The company has delivered 110 million sq ft of real estate and is currently developing more than 130 million sq ft under its ongoing and planned portfolio. In the last fiscal year, the company's sales bookings increased to Rs 17,630 crore, up from Rs 14,520 crore in the preceding year. For the current financial year, Lodha has set a sales bookings target of Rs 21,000 crore.

This significant investment in the data center park not only underscores Lodha Developers' commitment to the state's growth but also positions Maharashtra as a key player in the global digital landscape.