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Our Bureau Piramal Enterprises Ltd (PEL) and Canadian fund Ivanhoe Cambridge, a real estate subsidiary of CDPQ (Caisse de Dépôt et Placement du Québec), have announced an equity investment of ₹500 crore in Palava, a smart city being developed by Lodha Group, located in the Mumbai Metropolitan Region. The investment was made from the Piramal Ivanhoe Residential Equity Fund.
PEL had previously announced a strategic co-investment fund with Ivanhoe Cambridge to provide long-term equity capital to blue chip residential developers in Mumbai, Bengaluru, Delhi-NCR, Pune and Chennai. Ivanhoe Cambridge had allocated an initial $250 million towards this fund.
Palava City is an integrated smart city near Mumbai with over 4,500 acres of land being developed across different phases. Phase I is spread across 300 acres of land and is already delivered. Phase II spreads across 700 acres and is currently under development with a potential saleable area of 57 million sq ft. Palava is located in the economic triangle of Navi Mumbai, Thane and Dombivli. Palava is currently home to a population of close to 100,000 people.
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