Lodha, ESR plans joint venture to develop 89 acre Industrial Park in Palava

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The well-known realty developer, the Lodha Group went into a joint venture with ESR India the Asia Pacific logistics real firm to develop an industrial park at the Palava City, close to Mumbai.

This park will be named as the ESR-Lodha Industrial Park and is planned to have 17 buildings in the vast area of 89-acres. According to the press release, this Industrial Park will be India’s maiden and largest master-planned industrial park.

Both the Lodha and ESR group are estimated to make an investment of $100 million and the partial area of this project is planned to have non-polluting manufacturing, logistics and warehousing.

Jeffrey Shen and Stuart Gibson, co-founders and co-CEOs of ESR said that the company believes that this strategic partnership will be of great help in the expansion of ESR group in India and will also contribute to the growth of logistics and real estate business in India.

This Industrial Park will be developed in a phased-manner and is expected to be built in 30-36 months.

The Lodha group has developed the Palava City that is spread over 4,500-acre in Navi Mumbai.

In the last month, the Lodha group in a joint venture with Godrej and Unimark made an investment in the Co-living startup named Housr. This project is planned to get five properties functionally in the next four months with the availability of 3,500 beds.