Lodha Group set to launch 2nd phase of mega city project in Mumbai
Jan 10, 2014
Source : The Economic Times


MUMBAI: Leading estate developer Lodha Group today said it will launch the second phase of its mega city project 'Palava' on Saturday.

The Mumbai-based realtor is developing 'Palava', a mega city in Dombivli, a suburb of Mumbai located in Thane district.

The entire project, spread over 5,000 acres, is to be completed in four phases by 2025. The second phase consists of 800 buildings and is slated be completed in the next 5 years.

"The second phase, spread across 800 acres and comprising around 800 buildings, will house malls, residential and commercial towers, hotels among others," Abhinandan Lodha, the company's Deputy Managing Director, told PTI here.

"We expect to generate nearly Rs 15,000 crore from this phase," he said.

In the first phase, the company has already delivered 20,000 residential units, he said, adding, "the focus will be on providing high quality units at affordable prices. We expect to provide 1 lakh middle-income affordable housing by 2025."

The size of apartments in phase two ranges between 750 sq ft to 1,200 sq ft, costing Rs 36 lakh to Rs 65 lakh.

"In the first phase, spread across 250 acres, prices ranged between Rs 20 lakh and Rs 50 lakh. But with the appreciation of property prices and increasing demand for housing in the area, the new apartments will cost between Rs 36 lakh and Rs 65 lakh," he said.

The firm has bought over 3,500 acres of land for the project and will acquire another 1,500 acres soon, he said.

Lodha further said the company has spent Rs 4,800 crore for purchasing land and funding the construction in the phase 1.

"The additional investments for funding the construction cost of the second phase would come from pre-sales," he said.


Latest Realty News

Piramal PE closes Rs 1,000-cr realty fund
Jan 09, 2014
MUMBAI: The Piramals-backed private equity fund, focused on realty sector, today said it has finished raising a Rs 1,000-crore fund and has already committed Rs 250 crore from the corpus in three projects.
Office space absorption up 35%: Report
Jan 09, 2014
MUMBAI: The overall office space absorption in the top seven cities of the country grew by approximately 35 per cent in fourth quarter of this fiscal at nearly 8.2 million sq ft against six million sq ft in the previous quarter, according to real estate consultancy CBRE’s latest report.
Pune looks forward to a giant leap in 2014
Jan 09, 2014
PUNE: It has indeed been an interesting year for Pune’s property market in 2013. At a time when the markets across the country were by and large subdued, Pune had been growing at a steady pace and even appeared on the luxury landscape during the year. There have been multiple demand drivers behind Pune’s growth during the year and it is generally believed that once the economic outlook in general is brighter, Pune may be witness to better appreciation than even the neighbouring Mumbai property m
76,000 govt properties encroached upon
Jan 09, 2014
NASHIK: 'Chavadi vachan' - the process of reading out records publicly at the village level - carried out by the district administration has revealed that 7,619 government properties were encroached upon by individuals and groups, against which, the administration has initiated action. The chavdi vachan programme has, in fact, helped the administration more than the people in general.
Kanakia Group to invest Rs 500 crore in residential, hotel properties
Jan 09, 2014
MUMBAI: Diversified conglomerate Kanakia Group plans to invest more than Rs 500 crore over the next two years for developing residential and hotel properties, a top company official said.
Commit to savings through real estate
Jan 09, 2014
MUMBAI: Is real estate a good investment? Or is real estate good for you? The former focuses on returns from real estate, while the latter focuses on what real estate ownership can do to your emotional state of being. After observing the almost-compulsive urge among individuals to own a house, we realized that real estate ownership can do more good to your mental well-being than it can do to your portfolio.
Sebi disposes case against Real estate firm Hubtown after settlement
Jan 09, 2014
MUMBAI: Real estate firm Hubtown Ltd, formerly known as Ackruti City, has paid Rs 2 lakh to settle a Sebi probe into alleged irregularities with regard to correct disclosure of promoter shareholing in the company.
Indiareit raises Rs 1000 crore for domestic property fund
Jan 09, 2014
MUMBAI: Indiareit Fund Advisors, the real estate private equity arm of India's Piramal Enterprises, has raised Rs 1000 crore ($160.5 million) from investors within the country, the company said.
Tata Housing launches Rs 2,000-crore luxury project in Mumbai
Jan 09, 2014
MUMBAI: Tata Group real estate arm Tata Housing Development today launched a luxury residential project in the northeastern suburb of Mulund.
PMC identifies 16,000 properties not in tax net
Jan 08, 2014
PUNE: Over 16,000 properties, which have not been assessed for payment of property tax for a period ranging from six months to six years, were identified in the city limits during a month-long drive of the civic body.

Latest Realty News Of State

Realty Talk's