Realty firm Macrotech Developers will invest Rs 330 crore to develop a premium warehousing project in Mumbai as part of its expansion plan and to tap rising demand from e-commerce and third-party logistic companies.
Macrotech Developers, which markets its properties under the Lodha brand, is one of the leading real estate firms in the country.
The company said in a statement that Lodha Green Digital Infrastructure (LGDI) platform has acquired around 8 acres of land in Kurla, Mumbai.
The land will be used for the development of about 4 lakhs square feet of Grade-A in-city fulfilment centre to provide the last mile warehousing infrastructure to 3PL, e-commerce and quick-commerce companies.
"The development will involve a total investment of around Rs 330 crore and is expected to be completed in the next 12-18 months in phases," it added.
Shaishav Dharia, Director, Lodha Green Digital Infrastructure, said this is the second acquisition in Mumbai.
"We see that there is a huge demand for Grade-A digital infrastructure in our country and we are aligned with our aim to develop industrial and logistics parks as well in-city logistics assets across multiple cities in India," he said.
This is the second acquisition by the LGDI platform in Mumbai and it seeks to acquire more such assets in the city and other key consumption/manufacturing hubs across India like Pune, Bangalore, NCR, and other cities.
Ideally located for the development of a last-mile delivery hub, Kurla as a location has a strategic advantage due to its proximity to Mumbai airport and being situated in the middle of consumption hubs like BKC, Bandra, Powai, Andheri, Vikhroli, Chembur, and Kanjur Marg.
The first project was a 110-acre logistics and industrial park development at Palava, an established location for digital infrastructure in the Mumbai Metropolitan Region.
Earlier this year, Macrotech Developers announced a partnership with Bain Capital and Ivanhoe Cambridge to develop a next-generation green digital infrastructure platform.
The objective of the platform is to establish a pan-India presence in the digital infrastructure space that includes logistics and light industrial parks as well as in-city fulfilment centres.
The platform will jointly invest USD 1 billion to create around 30 million square feet of operating assets to serve India's digital economy.
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