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Realty major Lodha Developers has finalised the sale of more than 24 acres of land in the Palava region near Mumbai to Singapore-based ST Telemedia Global Data Centres (STT GDC) for nearly INR 500 crore. The deal, already registered, included 1.74 acres sold directly by Lodha and 22.6 acres transferred by its subsidiary Palava Induslogic 4 Pvt Ltd. The transaction comes close on the heels of Lodha's agreement with the Maharashtra government to develop a green data centre park in Palava.
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 INR 499 crore. The registered transaction involved 1.74 acres sold directly by Lodha Developers, while its subsidiary, Palava Induslogic 4 Pvt Ltd, parted with 22.6 acres. Advertisement
Sources confirmed that STT GDC, a leading global data centre services provider, recently completed this acquisition at Palava. Lodha Developers refrained from commenting on the deal.
The sale follows Lodha Developers' Memorandum of Understanding with the Maharashtra government, signed earlier this month, for the establishment of a green integrated data centre park in Palava. As per the MoU, the project is planned across 370 acres with a potential investment of INR 30,000 crore, expected to generate around 6,000 direct and indirect jobs. The facility will offer 2 gigawatts of capacity and aims to accommodate both domestic and international players.
The company indicated that combined investments exceeding INR 30,000 crore could flow into the park from Lodha and other data centre operators. Lodha Developers, which has an extensive land bank at Palava, is leveraging it for an integrated township project featuring residential, commercial, warehousing, and data centre developments.
The firm remains one of India's largest real estate players, having delivered nearly 100 million square feet of completed developments while actively working on and planning projects covering over 110 million square feet.
By enabling a global operator like STT GDC to enter Palava, the company has reinforced its commitment to transforming the area into a hub for integrated infrastructure. Coupled with its government-backed plan for a large-scale data centre park, Lodha appears set to position Palava as a key digital and real estate growth corridor.
Source - PTI
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