Palava City

Palava is an integrated smart city located near Dombivli in Maharashtra state. It is developed by real estate developer Lodha and is built on a 4,500-acre land located between Thane, Navi Mumbai and Kalyan. Palava City is also referred to as the City of Opportunity. It was listed as India's No.1 smart city by Jones Lang LaSalle India's proprietary research report.

Development
The first phase of Palava City, spread over approximately 300 acres, was completed in 2016. By 2016, the company had sold 1,350 homes worth ₹690 crore within the township of Palava. The handover of 18,026 units to the customers was completed by December 2017. The second phase of the development began in 2014.

The entire project is expected to be completed over 4 phases by the year 2025.

Population
There are currently 2 lakh residents in this city.

Finances
Lodha Group received the approval to hit the capital market with an initial public offer (IPO) of about ₹5,500 crore. Upon the success of share sales, this would become the second biggest IPO in the real estate sector after DLF that raised close to ₹9,200 crore in 2007. In early 2018, Kotak Realty Fund, which had invested around ₹540 crore in Palava from its $400 million offshore fund exited with around ₹838 crore, at an IRR of 18%. As of 2019, Piramal Enterprises Ltd (PEL) and Ivanhoé Cambridge, a real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ) have made an equity investment of ₹500 crore in the project.