Palava City is an integrated smart city near Mumbai, with over 4,500 acres of land being developed across different phases.
Piramal Enterprises Limited and Ivanhoe Cambridge have announced an equity investment of Rs 500 crore for development of Palava, a smart city being developed by Lodha Group, located in the Mumbai Metropolitan Region.
PEL had previously announced a strategic co-investment fund with Ivanhoé Cambridge, to provide long term equity capital to blue chip residential developers across the five major metro cities in India (Mumbai, Bengaluru, NCR, Pune and Chennai). Ivanhoe Cambridge had allocated an initial US$ 250 million towards this fund.
"We are pleased to announce our first deal through Piramal Ivanhoe Residential Equity Fund that is focused on providing growth capital to Tier 1 developers across major metro cities in India. We are committed to supporting the demand for equity from blue chip real estate developers, as they increasingly leverage investor partnerships in the early stages of the development to enable deployment over longer time horizon while generating returns across its life cycle," said Khushru Jijina, Managing Director, Piramal Capital & Housing Finance Ltd.
"We are pleased to enter into partnership with marquee investors like Piramal and Ivanhoe Cambridge. The current investment is a testament to our proven track record in the affordable housing segment and our vision for developing Palava as one of the 50 most livable cities in the world," said Abhishek Lodha, managing director, Lodha Group.
Palava City is an integrated smart city near Mumbai, with over 4,500 acres of land being developed across different phases. Phase I is spread across over 300 acres of land and is already delivered. Phase II spreads across over 700 acres and is currently under development with a potential saleable area of over 57 million sq ft.
Palava is located in the economic triangle of Navi Mumbai, Thane and Dombivli and is in close proximity to the rapidly expanding business hubs of Vashi, Airoli and Thane. Palava is currently home to a population of close to 100,000 people.
