TransIndia Real Estate Limited, an Allcargo Group firm, has purchased two land parcels for warehousing in Gurgaon’s Farukh Nagar for a total of Rs 231 crore. Both plots of land are located in Reliance Industries’ Model Economic Township.
According to papers discovered by analytic firm CRE Matrix, the first property piece, covering 56.52 acres, was purchased for Rs 134 crore by Allcargo Inland Park pvt Ltd, and the second, measuring 41.06 acres, was purchased for Rs 97.5 crore by Jhajjar Warehousing pvt Ltd.
Both firms are TransIndia Real Estate Limited subsidiary. The site purchase is part of our aim to increase our presence in strategically positioned Grade A logistics parks with world-class amenities.
“We will be able to develop warehousing and other logistics infrastructure in Farukhnagar, a strategic gateway to North India with easy access,” stated Jatin Chokshi, MD TREL.
Allcargo has built 5.5 million square feet of Grade A logistics parks in strategic regions such as NCR Delhi, Bengaluru, and Hyderabad, as well as JNPT in MMR Mumbai. A section of the global logistics conglomerate’s logistics park property was recently sold to Blackstone Group, a major private equity investor.
The assets in Bengaluru, Hyderabad, and Goa will be transferred, while the NCR, Hosur, and MMR regions will remain under the company’s hands.
Following the demerger, the new real estate business intends to pursue additional projects totalling approximately 8.6 million square feet on its own financial sheet.
“The Indian economy is expanding at rapid speed.” “Offices, malls, and homes have all matured as real estate assets over periods, but warehouses are still few, and institutions and corporations are showing a lot of interest in this asset class,” said Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com.
Because of the predicted continuous leasing activity in the second half of the year, I&L space take-up in 2023 is expected to be 36-38 million square feet, slightly higher than in 2022.
Supply increase is estimated to reach approximately 28-30 million square feet by the end of 2023, with projects by larger developers backed by institutional capital accounting for 40% of completions.
Source-ET
