Achievement on the back of technology-led city management, lifestyle and education options, emphasis on sustainability and emergence of the Kalyan-Shil Phata belt as an economic hub
Mumbai, May 12, 2016: Lodha Group’s ambitious development and Mumbai’s sister city Palava commemorates a milestone – 25,000 homes sold in less than 7 years since its inception. This achievement further validates homebuyers’ faith in Lodha Group’s smart city focus. Palava, a greenfield smart city in the Mumbai Metropolitan Region (MMR), has delivered over 11,000 homes to its customers in Palava’s neighbourhoods viz. Casa Bella, Casa Bella Gold, Casa Rio, Casa Rio Gold and Lodha Golflinks.
Besides residential developments, the smart city also boasts of fully-operational, high quality facilities that include two ICSE schools (Lodha World School, Pawar Public School), a FIFA-standard football stadium, multi-sport arena, cricket grounds, a 9-hole golf course, four grand clubhouses and more. The privately planned city will have a 5 lac sqft mall opening its doors shortly. High-quality offices are set to follow soon after.
With the city’s development commencing in 2010, Palava was built to offer citizens three things: opportunities to prosper, the chance to participate in the running of the city and a fulfilling lifestyle for generations. In line with its vision, Phase 1 of Palava, spread over 275 acres, has witnessed more than threefold appreciation since its inception. In a year that has seen developers struggle with completing their projects on time, Lodha Group has delivered a record 5,942 homes at Palava in FY1516, an astonishing feat that sets the benchmark for the category in India. So far, over 11,000 homes have been handed over to customers, making Palava the fastest growing “city start-up” in the world.
To ensure holistic development, Palava has imbibed futuristic technologies and pioneering concepts in partnership with the global leaders like IBM and GE to introduce smart governance and sustainable water management. Palava is also enhancing the lifestyle of thousands of citizen families by effective use of technology to add convenience to their lives. The city has its own online platform called ‘Palava Local’ which brings convenience to citizens’ doorsteps via tie-ups with various hyperlocal services like Rentomojo, BookMyBai, HouseJoy and more. Other notable smart initiatives include ‘Palava Portal’, ‘MyPalava App’, ‘Palava Smart Card’, an intelligent security and monitoring system, waste water treatment, solar power, transportation systems – many of them being firsts in the industry.
The second phase of Palava will be spread over 650 acres and is expected to set the benchmark for quality of life in the Greater Mumbai region. Palava’s third school (one of the 20 schools planned in the city) is the Shri Ram Universal School that is modeled on the pattern of India’s top school Shri Ram School, Delhi. Palava will have 7 lac sqft of commercial spaces ready by 2018 with the number rising to 5 million sqft by 2025.
Spread over 4,500 acres, Palava is expected to house over 100,000 families and create approximately 350,000 direct and indirect job opportunities by 2025. According to the planners, Palava’s annual GDP will grow to INR 60,000 crore by 2025, making it one of the fastest-growing young cities in the world.
Shaishav Dharia, Regional CEO, Lodha Group, said: “We are humbled by the relentless confidence and faith of the 25,000 families in Palava. With about 15% of sales resulting from referrals from existing customers, its success speaks for itself. With over 11,000 homes already delivered out of which nearly 6,000 were delivered last year, Palava is celebrating new milestones in its journey of providing a better urban environment to its citizens. As India grows over the next 20 years, people in large urban centres like Mumbai will increasingly seek a better quality of life. At Palava, it has been our continuous endeavor to provide our citizens a safe and happy environment for their families with access to a variety of avenues to enhance the potential of each individual.”
About Lodha Group:
Established in 1980, privately held Lodha Group is India’s leading real estate developer and amongst the world’s select multinational real estate developers with presence in India and the United Kingdom. The company is one of the most profitable players in India and the largest by sales, having clocked over INR 8,000 Cr for FY 15-16 – larger than #2 and #3 players combined in India.
The company is currently developing around 43 million sq. ft. of prime residential real estate globally with the largest land reserves in the Mumbai Metropolitan Region and has 28 ongoing projects across London, Mumbai, Pune and Hyderabad and Bangalore. In 2015 Lodha Group delivered 5.7 million sq.ft. real estate and 5,500 units across projects. The group plans to deliver more than 11.8 million sq. ft. of real estate in 2016.
Lodha Group has several landmark developments to its credit including World One, Mumbai, the world’s tallest residential tower, and has brought some of the top global names including Armani/Casa, Trump, Philippe Starck, Jade Jagger, Greg Norman and Pei Cobb Freed to India. In 2013 the Group has extended its international footprint with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in Prime Central London from the Canadian Government for a consideration of over GBP 300 million (INR 3,100 Cr). Lodha Developers is one of the largest corporate entities in Mumbai, with over 3,870 direct associates and over 25,000 workmen at its sites. The group is committed to investing two per cent of its profits towards corporate social responsibility, focused primarily on education as a transformative tool. With offices in London, Dubai and Shanghai and planned openings in the USA and Singapore, Lodha Group is on the road to substantial international presence.
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Anand Vaidya // +91 99300 58087 // firstname.lastname@example.org