Residential project launches back on track
Numerous developers have decided to launch projects in the upcoming quarters. August 2020
IndoSpace has taken its total commitment to India to above $3.2 billion to build out a pipeline of 120 million sq ft of modern logistics infrastructure. Currently, it has a portfolio of 31 million sq ft across developed and under-construction projects comprising 31 industrial and logistics parks in nine cities. “All parks are located in key manufacturing hubs, from the NCR in the north to Chennai in the south, making IndoSpace the only national network in India,” says Rajesh Jaggi, Managing Partner, Real Estate, Everstone Group. IndoSpace started the year by launching its park in Bavla near Ahmedabad, Gujarat. It is continuing to evaluate opportunities to build logistics parks across Tier-II markets while expanding its presence in existing markets.
Embassy Industrial Parks has invested a total of Rs 7.4 billion in building two logistics parks in Gurugram and Rs 3.5 billion to build a 1.1-million-sq-ft industrial park in Chakan, Pune. The company is tapping Delhi-NCR, Mumbai, Bengaluru, Pune, Hosur, Hyderabad and Chennai, and will then move to other metros. It is already in the process of developing 200 acre in Chennai and 50 acre in Hosur, respectively.
Hiranandani Communities has launched its warehousing and logistics vertical, ‘GreenBase’. It is developing about 10 million sq ft in this space across India. As Dr Niranjan Hiranandani, Chairman & Managing Director, Hiranandani Communities & GreenBase, shares, “We are currently developing these parks in Pune, Chennai and Nashik, where we already hold land parcels. Infrastructure development work has begun in Pune, which is spread across 250 acre; and Chennai, nearly 100 acre. In the near future, we will target Tier I and Tier-II cities such as Bengaluru, Bhiwandi, NCR, Hyderabad and Kolkata in Phase 2, where we have already initiated the land acquisition process.”