August 20, 2024 |
Welspun One Buys 22 Acres Near Gurugram for Rs 125-cr Logistics, Warehousing Infrastructure
The 22-acre land parcel is situated along Bilaspur-Tauru road close to NH-8 near Gurugram. The project is likely to create 1,500 jobs
Welspun One acquires 22-acre land near Gurugram, will invest Rs 125 crore to create logistics & warehousing infrastructure.
Welspun One, an integrated fund and development management platform, has acquired a 22-acre land parcel close to the NH-8 corridor near Gurugram, the company said.
This transaction facilitated by JLL, a global real estate services firm, represents a “significant milestone” in Welspun One’s strategy to expand its logistics park footprint in India.
Welspun One plans to Invest Rs 125 crore to enhance logistics infrastructure in the region and also create 1,500 jobs. The 22-acre land parcel sits along the Bilaspur-Tauru road near Gurugram, the company said.
“This acquisition marks a significant step in expanding our footprint in one of India’s vital logistics corridors. By leveraging this prime location, we aim to create a cutting-edge logistics hub that will not only support our tenants’ operational efficiencies but also contribute to India’s broader economic growth,” Anshul Singhal, managing director of Welspun One, said.
According to JLL, the NH-8 corridor in Gurugram boasts of a total supply of 64 million square feet (msf) for Grade A and Grade B spaces as of H1 2024, positioning it as the largest logistics sub-market in India, followed by Bhiwandi in Mumbai.
The Gurugram/NH-08 sub-market saw a gross absorption of 3.7 million square feet in H1 2024, almost doubling the absorption recorded during the same period in the previous year (H1 2023). This significant increase in absorption underscores the robust warehousing demand in the region.
“This land transaction is unique in the sense that it’s a long lease of aggregated land from multiple private landlords – an emerging transaction typology in the country i.e. lease over outright,” said Yogesh Shevade, head of logistics and industrials for India at JLL.
The site is situated near major logistics parks. Welspun One’s proposed development will complement the surrounding infrastructure, which includes tenants like 3rd party logistics players, e-commerce giants and retail players, the firm said.
Source : Money Cantrol
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