The land has been purchased for Rs 106 crore and the deal is part of FM Logistic India’s plan to invest $150 million in warehousing activities in the country as announced in 2019.
“We are committed to providing our customers with high value and high efficiency grade A warehousing infrastructure. Through our association with the Lodha Group we will gain significant presence to service the neighbouring industrial areas of Thane, Navi Mumbai and Kalyan,” said Alexandre Amine Soufiani, MD – FM Logistic India.
The land parcel with a total development potential of around 1 million sq ft warehousing space will be developed for FM Logistic India.
Batilogistic will undertake the development of this land parcel in phases over next 3-4 years. This development is part of the 290 acre Palava Industrial and Logistics Park that also includes a joint venture between ESR and Lodha Group.
“With this partnership, we look forward to enhance the infrastructure and ecosystem for logistics and industrial set-ups in the region. Our association will go a long way towards achieving our vision of developing an industrial city and enhancing the economy and jobs at Palava,” said Shaishav Dharia, CEO, Townships and Rental Assets, Lodha.
The logistics and industrial real estate sector have been showing robust growth across the country in the last few years.
Grade A logistics properties have been in demand in 2020 and this demand is anticipated to increase in the coming years due to changing developer preferences and adherence to safety and hygiene norms during COVID-19.
Despite an unfavorable socio-economic environment, warehousing stock in top 8 cities including NCR-Delhi, Mumbai, Bangalore, Chennai, Pune, Kolkata, Hyderabad and Ahmedabad added 27 million sq ft to reach a total of 238 million sq ft in 2020.
The year 2021 is expected to witness an increase in in-city warehouse requirements to cater to the needs of urban population and for faster and last mile delivery. The e-commerce warehousing requirements are penetrating deeper inside the cities in the busiest of commercial, retail, and residential areas.