Dubai – MENA Herald: Lodha Group, India’s leading real estate developer, announced the newest neighbourhood in Palava, the renowned greenfield smart city development in the Mumbai Metropolitan Region (MMR).
In less than six years since inception, the ambitious project located in Mumbai Metropolitan Region and touted as India’s fastest growing city, has witnessed sales crossing the 26,000 mark – with over 19,000 homes already handed over to customers – making Palava the fastest growing ‘city start-up’ in the world. In FY2015-16 alone, Lodha Group delivered over 5,900 homes at Palava – setting the benchmark in global real estate.
In September 2016, Lodha Group hosted two events as part of a roadshow in Dubai that drew the participation of more than 200 potential customers. The roadshow resulted in the booking of 49 units, amounting to sales of over USD3.7 million. With pre-launch prices for the new neighbourhood currently starting at just over USD55,000 , total international sales for Palava have quickly neared the 100 unit mark and continue to register high uptake among customers keen on investing in the smart city project. To date, over 15% of Palava’s total sales have originated from the international market. Overall, in the IPO style sales process, the project has oversubscribed twice – amounting to over 1000 units sold in one month. This new neighbourhood will be completed in 2019 and is set for handover in the same year.
In addition to upscale residential developments, the smart city boasts fully-operational, high-end facilities including two ICSE schools, world-class sports facilities like a FIFA Standard football stadium, multi-sport arena, cricket grounds, a nine-hole golf course, four grand clubhouses and a 500,000 square feet mall.
Strategically located to seamlessly connect to other parts of Mumbai, the smart city is situated in proximity to major roads and rail networks as well as the upcoming Navi Mumbai International Airport. A completely self-contained, independent city, Palava boasts a high quality sustainable infrastructure with Lodha Group making significant investments in smart technologies that have been implemented across all aspects of the city. To ensure holistic development, Palava has also integrated futuristic technologies, such as solar power, as well as pioneering smart governance and sustainable water management concepts in partnership with the global leaders like IBM and GE.
The city is managed as an independent municipality by the Palava City Management Association. Comprised of Palava citizens, expert city administrators and urban planners, the PCMA is responsible for creating an inclusive ecosystem with efficient policies and uninterrupted utility services.
Speaking about Palava, Praveer Gill, Head of Sales – GCC Market, Lodha Group said, “We are very excited at the progress that the Palava smart city has made over the years. In particular, we have experienced an overwhelming response from the GCC region. Till date, the project has registered a CAGR of about 17% in the last 6 years – comparable to that of gold – one reason why this pre-launch of Palava has been given the sobriquet ‘Golden Tomorrow’.
“We have already sold over 700 homes to NRIs in the GCC, amounting to USD50 Million. Over 8000 families have moved into Palava, and as the smart city continues to expand through the second phase of development, we are confident it will set further benchmarks for quality of life in the Greater Mumbai region.”
Spread across 4,500 acres, Palava is expected to house more than 100,000 families and create approximately 350,000 direct and indirect job opportunities by 2025. Palava’s annual GDP is expected to grow to USD9 billion by 2025 – making it one of the fastest-growing young cities in the world.
Lodha Group was established in 1980 and is India’s leading real estate developer in terms of sales, with a portfolio of cutting-edge projects including World One, Mumbai – the world’s tallest residential tower, to its credit. The company delivered 5.7 million square feet of real estate in 2015, and plans to deliver more than 11.8 million square feet of real estate in 2016.