Lodha's Palava City eyes Rs 80 billion annual revenue soon

18 Jan 2024 CW Team

Real estate giant Lodha, identified as Macrotech Developers, anticipates that its comprehensive smart township Palava City, sprawling across nearly 5,000 acre near Mumbai, will expand and yield annual revenues of $ 1 billion, equivalent to over Rs 80 billion, in the upcoming years. This growth will be driven by the development of various properties, such as residential and commercial spaces, offices, a life sciences hub, as well as warehousing and industrial areas.

The Palava City project commenced in 2010, with the initial phase covering 300 acres, which were successfully sold and delivered to almost 20,000 families within a span of 4-5 years. In 2014, the company initiated phase 2, spanning 1,000 acres with a developable area exceeding 75 million sq ft, of which more than 20 million sq ft is already complete. At present, the project boasts a population of nearly 175,000 residents.

The MD & CEO of Lodha, Abhishek Lodha, stated, "Palava is witnessing a surge in economic activity with a growing number of employment opportunities, be it in life sciences, back offices, training centers, industrial, or warehousing facilities. Due to its strategic location and the development of significant infrastructure in the vicinity, we are optimistic about a substantial increase in consumer interest, potentially resulting in annual revenue of $1 billion in the next few years."

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