Realty firm Lodha Developers Ltd has sold over 24 acres of land in the Mumbai region to Singapore-based ST Telemedia Global Data Centres (STT GDC) for approximately Rs 5 billion, sources said. The land transaction has already been registered.

STT GDC acquired 24.34 acres at Palava, with Lodha Developers selling 1.74 acres and its subsidiary Palava Induslogic 4 Pvt Ltd selling 22.6 acres for a combined consideration of Rs 4.99 billion. Lodha Developers did not comment on the deal.

Earlier this month, Lodha Developers signed a Memorandum of Understanding (MoU) with the Maharashtra government to establish a green integrated data centre park at Palava. The MoU outlines a proposed total investment of Rs 300 billion, expected to generate 6,000 direct and indirect jobs.

The park, spread over 370 acres with a planned capacity of 2 gigawatts, is designed to accommodate multiple leading international and domestic players. “Combined investments of over Rs 300 billion are anticipated from Lodha and various data centre operators,” the company said.

Lodha Developers holds a substantial land bank at Palava, which it is utilising to develop an integrated township comprising residential, commercial, warehousing, and data centre projects. The company has delivered approximately 100 million sq ft of real estate and is developing more than 110 million sq ft under ongoing and planned projects.