Lodha Developers sells 24-acre land in Mumbai to STT Global Data Centres for Rs 500 cr

New Delhi, Sep 20 (PTI) Realty firm Lodha Developers Ltd has sold over 24- acre land in Mumbai region to Singapore-based STT Global Data Centres for about Rs 500 crore, sources said.

The land deal has already been registered.

According to sources, ST Telemedia Global Data Centres (STT GDC), a Singapore-based data centre services provider, has recently acquired 24.34 acres of land at Palava.

Lodha Developers has sold 1.74 acres while its subsidiary Palava Induslogic 4 Pvt Ltd has sold 22.6 acres land for a total consideration of about Rs 499 crore, they added.

It did not comment on the land deal. Earlier this month, Lodha Developers signed a Memorandum of Understanding (MoU) with the Maharashtra government for setting up green integrated data centre park at Palava.

The MoU outlines that the total proposed investment would be of Rs 30,000 crore, creating 6,000 direct and indirect jobs.

The park, spread over 370 acres, with a planned capacity of 2 gigawatts, is designed to host multiple leading international and domestic players.

"Combined investments of over Rs 30,000 crore are anticipated from Lodha and various data centre players in this park," the company had said.

Lodha Developers has huge land bank at Palava and is utilizing them to build an integrated township comprising housing, commercial, warehousing and data centre projects.

Lodha Developers, one of the leading real estate companies in India, has delivered around 100 million square feet of real estate and is developing more than 110 million square feet under its ongoing and planned portfolio. PTI MJH ANU ANU