Lodha and ESR to develop Industrial Park in Mumbai
Lodha Group has announced a JV with ESR India, the India platform of leading Asia Pacific logistics real estate platform, for the development of ESR-Lodha Industrial Park at Palava City, which will comprise of 17 institutional-grade speculative and non-speculative buildings developed on an 89-acre site. It is expected to be the first and largest master-planned industrial park in Mumbai being built at an investment of about US$100 million, and is part of the 170-acre Industrial Park at Palava City and will include non-polluting manufacturing, logistics and warehousing. It will be developed in three phases, within 30-36 months. It is connected with the Taloja-Khoni Road, Jawaharlal Nehru Port Trust (JNPT) and the upcoming Navi Mumbai Intl’ Airport. Palava City is a 4,500-acre greenfield smart city in Navi Mumbai developed by Lodha Group. By 2025, it is estimated that Palava will have an economy of US$10 billion. Shaishav Dharia, Regional CEO, Lodha Group, remarked, “Together with ESR we will bring high-quality infrastructure and solutions to businesses, and promote the betterment of real estate and the wider community of India.” Abhijit Malkani and Jai Mirpuri, co-CEOs of ESR India, added, “All ESR developments in India are ‘smart parks’, which feature modern manufacturing & logistics facilities and cutting-edge technologies, including smart security, vehicle management etc. ESR-Lodha Industrial Park at Palava City is set to become a landmark project that pioneers the logistics and industrial developments in India.” Jeffrey Shen and Stuart Gibson, ESR co-founders and co-CEOs, stated, “This strategic partnership will not only accelerate expansion of ESR India’s platform, but also drive the long-term growth of the country’s industrial and logistics real estate.”
📅Published on:
24 June 2019
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