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.