Palava City
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|---|---|
Residential and Commercial
| |
 | |
| Coordinates: 19°10′05″N 73°04′26″E / 19.168°N 73.074°E / 19.168; 73.074 | |
| Country | India |
| State | Maharashtra |
| District | Thane |
| Founded by | Lodha Group |
| Government | |
| • Body | Palava City Management Association |
| Area | |
| • Total | 18.21 km2 (7.03 sq mi) |
| Elevation | 10 m (30 ft) |
| Time zone | IST |
| PIN |
421204
|
| Telephone code | 0251 |
| Vehicle registration | MH-05 |
| Website | www |
Palava is an integrated smart city located near Dombivli in Maharashtra state. It is developed by real estate developer Lodha and is built on a 4,500-acre land located between Thane, Navi Mumbai and Kalyan.[1][2] Palava City is also referred to as the City of Opportunity.[3] It was listed as India's No.1 smart citybyJones Lang LaSalle India's proprietary research report.[4][5]
The first phase of Palava City, spread over approximately 300 acres (120 ha), was completed in 2016. By 2016, the company had sold 1,350 homes worth ₹690 crore within the township of Palava.[6] The handover of 18,026 units to the customers was completed by December 2017. The second phase of the development began in 2014.[7][8][9]
The entire project is expected to be completed over 4 phases by the year 2025.[10]
There are currently 2 lakh residents[11] in this city.
Lodha Group received the approval to hit the capital market with an initial public offer (IPO) of about ₹5,500 crore. Upon the success of share sales, this would become the second biggest IPO in the real estate sector after DLF that raised close to ₹9,200 crore in 2007.[12] In early 2018, Kotak Realty Fund, which had invested around ₹540 crore in Palava from its $400 million offshore fund exited with around ₹838 crore, at an IRR of 18%.[13][14] As of 2019, Piramal Enterprises Ltd (PEL) and Ivanhoé Cambridge, a real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ) have made an equity investment of ₹500 crore in the project.[15][16][17][18]
