Real estate company Lodha Developers Ltd has sold more than 24 acres of land in the Mumbai area to Singapore-based STT Global Data Centres for approximately Rs 500 crore, according to sources. ST Telemedia Global Data Centres (STT GDC), a Singapore-based data centre services provider, recently acquired 24.34 acres in Palava, and the transaction has already been officially registered.
Of this, Lodha Developers sold 1.74 acres, while its subsidiary Palava Induslogic 4 Pvt Ltd sold 22.6 acres, totaling around Rs 499 crore, sources added. The company declined to comment on the 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. The MoU outlines a proposed investment of Rs 30,000 crore, expected to generate 6,000 direct and indirect jobs.
The 370-acre park, planned to have a capacity of 2 gigawatts, will host multiple leading international and domestic companies.
“Combined investments of over Rs 30,000 crore are anticipated from Lodha and various data centre players in this park,” the company had said.
Lodha Developers holds a substantial land bank in Palava, which it is leveraging to develop an integrated township featuring residential, commercial, warehousing, and data centre projects.
As one of India’s leading real estate firms, Lodha Developers has delivered approximately 100 million square feet of real estate and is currently developing over 110 million square feet across its ongoing and planned projects.
