Lodha Developers to raise Rs.9,000-Cr via sale of 150 acres in Mumbai’s Palava

Mumbai-based Lodha Developers plans to raise INR 9,000-Cr by selling 150 acres of land to hyperscalers from its 660-acre data centre project in Palava, near Mumbai. The company aims for annual land sales of INR 2,000-Cr to INR 3,000-Cr.Lodha Developers maintains a land bank of approximately 3,700 acres in Palava and Upper Thane within the Mumbai Metropolitan Region. The firm previously sold 132 acres to Amazon Web Services and STT Data Centres. Most recently it sold 30 acres to Digital Edge India, a joint venture between Digital Edge and the National Investment and Infrastructure Fund, at over INR 42-Cr per acre.The company plans to use the majority of the proceeds from these land sales to develop 1 gigawatt of build-to-suit data centre power shell capacity across 90 acres.