NEW DELHI: Lodha Developers Ltd has sold over 24 acres of land in the Mumbai region to STT Global Data Centres, a Singapore-based firm, for approximately Rs 500 crore, according to sources.
The land acquisition has been officially registered, comprising 24.34 acres at Palava.
Lodha Developers sold 1.74 acres, while its subsidiary, Palava Induslogic 4 Pvt Ltd, sold 22.6 acres, totaling nearly Rs 499 crore.
The company has not commented on this 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, which is expected to be a Rs 30,000 crore investment, creating 6,000 direct and indirect jobs.
The proposed park will cover 370 acres, with a capacity of 2 gigawatts, designed for multiple prominent local and international players.
Lodha has indicated that combined investments surpassing Rs 30,000 crore are anticipated from itself and various data centre operators for this project.
Additionally, Lodha Developers holds a significant land bank in Palava, which it is leveraging to develop an integrated township featuring residential, commercial, warehousing, and data centre projects.
As a leading real estate company in India, Lodha Developers has delivered around 100 million square feet of real estate and is actively developing over 110 million square feet in its ongoing and planned projects.
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