News: IndoSpace acquires 135 acre in Gurugram for Rs 280 crore-17-09-2020

https://realty.economictimes.indiatimes.com/news/allied-industries/indospace-acquires-135-acre-in-gurugram-for-rs-280-crore/78159841

The land parcel, along national highway 8, belongs to Gurgaon-based developer Uppal Group and several other partners who own stake in it.

NEW DELHI: Warehouse and logistics park developer IndoSpace, the real estate arm of Everstone Group, is in talks to acquire a 135 acre land parcel in Gurgaon for Rs 280 crore, two people aware of the development said.

The land parcel, along national highway 8, belongs to Gurgaon-based developer Uppal Group and several other partners who own stake in it.

“The land parcel is located right in the middle of the upcoming Delhi-Mumbai expressway. Ideally, the land is suitable not just for warehousing but also for integrated industrial township to promote walk to work,” said Anckur Srivasttava, chairman of GenReal Property Advisers, a real estate advisory firm.

Everstone Group, which has 35 logistics and industrial parks, is looking to expand its presence in north India.

Email queries Uppal Group remained unanswered till as of press time. IndoSpace said that they are yet to purchase this land.

Indospace has also partnered with Haryana, Maharashtra, Karnataka and Tamil Nadu to develop industrial and warehousing parks.

“Gurgaon is slowly becoming the preferred choice of warehouse operators because of the connectivity, not only to NCR but to states like Rajasthan also. We have seen some major transactions this year and more are in the pipeline,” said AK Sud, chairman of Mayar Group, which owns a land bank in the region and has sold 76.84 acres to ESR, a venture of private equity firm Warburg Pincus and global investors.

Sohna, too, has good geographical advantage and is poised to become the largest distribution hub in the region.

Recently, the Haryana government allotted 180 acres of land near Gurgaon for Rs 550 crore to Amperex Technology Ltd (ATL), a manufacturer of rechargeable lithium ion polymer (LIP) batteries.

The state is in the process of monetising more land for building warehousing and industrial hubs.

According to a Knight Frank India report, warehousing demand has seen strong growth over the last few years, recording 44% increase in CAGR since 2017.

The currently committed land for warehouses across the country is estimated at 21,163 acres, which has the potential of adding 63% more supply to the already existing 307 million sq ft of warehousing stock.