IndoSpace to build 5 logistic parks in NCR, Mumbai & Bengaluru
IndoSpace today said it will develop five new mega logistics parks in Delhi-NCR, Bengaluru and Mumbai as it sees huge potential post infrastructure status to this sector. IndoSpace is a joint venture between private equity firm Everstone Group and Realterm, a US-based global industrial real estate leader.
The five planned parks will be spread across industrial and logistics hubs at Narasapura (Bengaluru); Badli and Bhaproda (National Capital Region) and two parks at Khopoli (Mumbai).
“Along with the recent expansion and development of its existing Ranjangaon park in Pune, these new parks will add around 10 million sq ft of leasable logistics and light manufacturing space to IndoSpace’s portfolio,” the company said in a statement.
This will take IndoSpace’s operational and underdevelopment pipeline to around 30 million sq ft. “This significant expansion highlights IndoSpace’s focus on strongly supporting growth in India’s logistics and light manufacturing sector, which will robustly expand due to improved infrastructure across the nation, the landmark GST reform, and a fast-growing e-commerce sector,” said Rajesh Jaggi, Managing Partner, Real Estate, Everstone Group.
The government move of granting infrastructure status to the logistics sector further strengthens positive outlook for the sector as this would help in getting funds at competitive rates, he added.