If only half of the new cities that are currently being built today are actually completed we’re looking at a trillion dollars of investment—minimum. The likely reality is that over the next thirty years the new city building boom will kick into high gear and become one of the biggest economic drivers in the world, as hundreds of new dots are scattered across the maps of Asia and Africa.
Lodha Group, the country’s largest real estate firm by sales, is foraying into the warehousing space with a 150-acre facility in Palava to diversify revenue streams amid a tepid residential property market.
Real estate firm Lodha Group, in association with Mumbai based Zone Startups India (ZSI), has launched the Palava Accelerator. The programme will provide a testing ground to emerging technology startups to conduct their pilots at Palava, a privately-developed greenfield smart city located in the Mumbai Metropolitan Region (MMR).
With these plans, the Mumbai-based real estate firm is also shifting its commercial real estate business model for the first time to “build and lease" rather than outright sale of the properties as it looks to develop a substantial commercial lease portfolio that could later be monetized either through a REIT (real estate investment trust) listing or sales to investors.
The first commercial tower of Lodha Group’s Palava, recognized as India’s No.1 Liveable City*, now houses HDFC Bank (India’s leading private sector bank). The building will also host the office of Zone Startups India, a partner in Palava’s Accelerator programme, who will play an instrumental role in mentoring over 25 startups at the new office soon.