Maharashtra has attracted more than $300 billion in investment interest for data centres, positioning the state at the centre of India's rapidly expanding AI infrastructure race. According to Business Standard, Kaustubh Dhavse, Chief Adviser for Investments and Strategy to Maharashtra Chief Minister Devendra Fadnavis, announced that the state currently accounts for around 66% of India's data centre capacity. The state is targeting 5.7 gigawatts of capacity by 2032, with major players including Amazon Web Services planning to invest $8.3 billion in cloud infrastructure by 2030. This boom is already tangible with projects like Equinix opening its fourth Mumbai facility in April 2026 with an initial investment exceeding $95 million, designed specifically for AI and high-density cloud workloads. However, as reported by Business Standard, the $300 billion figure represents investment interest rather than completed investment, including proposals, early discussions, memoranda of understanding and planned projects at different stages.
Lodha Developers announced plans in January 2026 to expand investment in a Maharashtra data centre park to around ₹1.3 lakh crore, with an eventual capacity of 2.5 GW. As reported by Business Standard, this represents a significant escalation from the company's previous data centre land transaction in the June quarter, where the land earmarked for data centres increased from 400 acres to 660 acres. The company has already monetised 132 acres with another 143 acres expected to be sold over the next three-four years, generating approximately ₹9,000 crore at around ₹60 crore per acre. This expansion would fund the build-out of 1 GW powered shell capacity on 90 acres, expected to generate around ₹2,000 crore of annual rental income.
Lodha Developers has emerged as the best-performing realty stock over the last three months, with shares jumping 40% to around ₹1,214 per share. According to reports from Business Standard, this remarkable performance is driven by a strong launch pipeline, improving balance sheet, and potential upsides from higher land prices in Palava where the company is executing a large digital infrastructure expansion. The stock's sharp run-up reflects investor confidence in the company's strategic positioning in Maharashtra's data centre boom, with the state's target of 5.7 GW capacity by 2032 creating significant opportunities for real estate developers with land holdings in key data centre corridors.
Maharashtra's data centre opportunity is significantly enhanced by its strategic location and existing infrastructure. Mumbai serves as a major landing point for undersea internet cables connecting India with international networks, with the Maharashtra Government's IT policy previously identifying the Mumbai-Navi Mumbai region as a strategic data centre hub due to these submarine cable connections, power availability and technical workforce. The state offers incentives including stamp-duty exemptions, electricity-duty exemptions and industrial power tariffs for eligible data centre projects, which become increasingly important as artificial intelligence pushes computing requirements sharply higher. These benefits are crucial as AI systems need powerful processors running continuously, making future data centres increasingly function as large-scale computing factories rather than traditional storage facilities.
In Q1FY27, pre-sales growth was limited to 4% year-on-year at ₹4,000 crore, with most growth coming from sustenance sales due to lack of significant launches. As reported by Business Standard, the company generated strong operating cash flows of ₹1,800 crore in Q1, enabling net debt reduction of ₹450 crore quarter-on-quarter to ₹4,930 crore. The net debt-to-equity ratio stands at 0.2 times, with management expecting the residential business to become net debt-free in coming years. The company's strong cash generation capabilities and improving financial metrics support its ambitious data centre expansion plans in Maharashtra.
Despite the stock's sharp run-up, brokerages remain optimistic with target prices indicating further upside potential. According to Business Standard, Emkay Research maintains a 'buy' rating with a target price of ₹1,400 per share, while Motilal Oswal Research reiterates its 'buy' recommendation with a revised target price of ₹1,430. The Mulund-Airoli-Palava Freeway expected after monsoons is anticipated to improve sales velocity in Palava, with about 88% of quarter pre-sales accounted for by MMR and 60% for premium and luxury housing. The company's strategic positioning in Maharashtra's data centre boom, combined with its strong fundamentals, supports the positive brokerage outlook despite the stock's significant appreciation.
