Indospace, Everstone Group’s industrial and logistics real estate development platform, said it has initiated a new industrial park in Narasapura, near Bengaluru.
The park is situation on a 50-acre land parcel, situated near National Highway 75, Narasapura industrial area, and is well-connected to consumption hubs across central, east, and northeast Bengaluru. It is also strategically placed to offer connectivity to Chennai, Tirupati, and the Hoskote-Malur industrial area.
Developers are undertaking into the city’s prominent clusters with land acquisitions for greenfield developments and making it a preferred destination for Japanese, European and Korean companies in various sectors.
“By offering a solid foundation with our Grade A logistics infrastructure to customers across sectors, we aim to tap into the manufacturing boom being witnessed in the state of Karnataka. In addition, the launch of our new park in Narasapura will further help in attracting global manufacturers to the state of Karnataka," stated Rajesh Jaggi, Vice-Chairman – Real Estate, Everstone Group.
In June, IndoSpace launched two parks, in Vallam and Oragadam in Tamil Nadu, adding 118 acres to its portfolio. The firm has a portfolio of over 43 million sq ft across 41industrial and logistics parks pan India.
In March, IndoSpace in a joint venture with Model Economic Township, a subsidiary of Reliance Industries Ltd, bought 55 acres at Farukhnagar in Haryana, with development potential of 1.28 million sq ft.
In 2020, it spent around $500 million across nine acquisitions. IndoSpace proposes to add four million sq ft of warehousing space by the end of 2021.
The firm has been building parks across strategically significant regions, which are a step towards its long-term goal of creating 120 million sq ft of modern logistics infrastructure across the country.
Property consultant Knight Frank India has projected warehousing transactions for the top eight Indian cities (primary markets) to grow at a compound yearly growth rate of 19% to 76.2 million sq. ft by 2025-26 from 31.7 million sq. ft in 2020-21, as per the recent India Warehousing Market Report 2021.