Mumbai: IndoSpace on Thursday announced the launch of its new industrial and logistics park in Narasapura, near Bengaluru, to cater to the warehousing requirements of companies across sectors.
The industrial real estate and logistics parks developer has launched two similar facilities in Vallam and Oragadam areas in Tamil Nadu in June this year, adding 118 acres to its portfolio.
Spread across 64 acres, the Narasapura park will cater to the warehousing requirements of companies across sectors, such as automotive, engineering, electric vehicles, e-commerce, and FMCG, the company said in a release.
It will offer Grade A infrastructure, making it the only world-class warehousing and industrial facility of this scale in Bengaluru, the company said.
The park will boost IndoSpace's footprint in the manufacturing and industrial destination of Karnataka, with its modern amenities catering to the rising demand for industrial warehousing and logistics, it added.
According to IndoSpace, the Bengaluru warehousing market has seen 4.30-million sq ft leasing in FY-2020.
By consolidating the warehousing market, developers are venturing into the city's prominent clusters with land acquisitions for greenfield projects and making it a preferred destination for Japanese, European and Korean companies in electronics, FMCG, and FMCD sector, the company said.
IndoSpace has already announced plans to add 4-million sq ft of warehousing space by the end of this year.
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 Karnataka.
In addition, the launch of our new park in Narasapura will further help in attracting global manufacturers to the state, Rajesh Jaggi, Vice-Chairman for Real Estate, Everstone Group, said.
Located near National Highway 75, Narasapura industrial area is one of the prominent regions in Karnataka.
It is well connected to major consumption hubs across central, east, and northeast Bengaluru, which constitute a large percentage of the city's population.
The company said its park in Narasapura is also strategically placed to offer excellent connectivity to Chennai, Tirupati, and Hoskote-Malur industrial area.
Further, this park will offer superior infrastructure, amenities, and versatile solutions, making Narasapura an ideal choice for various sectors, including manufacturing, auto, auto component, and third-party logistics industries.
Everstone Group, GLP, and Realterm promoted IndoSpace has a portfolio of over 43 million sq ft across 41 industrial and logistics parks pan-India. In 2020, the company spent around USD 500 million across nine acquisitions, according to the release.