Macrotech Developers gets approval for 1,200-acre townships

Realty Developer, Macrotech Developers, the erstwhile Lodha Group, has received approval for the development of an integrated township spread over 1,200 acres near Navi Mumbai. The project, to be part of the developers over 4,500-acre Palava City--India's first private smart city--will have a developable area of nearly 120 million sq ft and is estimated to generate revenue of over 1 lakh crore. This has been lauded as the largest integrated township in the country to be focused on the affordable and mid-income housing segment that is currently seeing significant growth in demand. At Palava City, located at the junction of Navi Mumbai, Thane and Kalyan, Macrotech is also growing its industrial parks and logistics business, through the sale and joint venture on its land, leading to the generation of over ₹500 crore per annum from this activity. The company has received approval for a new industrial park of 250 acres in Palava City near Taloja and the upcoming Navi Mumbai airport. It has also entered into a joint venture with Hongkong stock exchange-listed ESR Group and Morgan Stanley Group for its industrial parks.