Pardos Real Estate arm Pardos Logistics has purchased a 41-acre land parcel on Ballabhgarh-Sohna highway in Haryana to develop a warehousing project -- comprising a 10 lakh square feet area -- with an investment of around Rs 200 crore, according to property consultant Anarock.
In a statement, Anarock group said that its capital markets division facilitated the sale of a 41-acre land parcel.
''Pardos Logistics, a subsidiary of Pardos Real Estate (a development platform incubated by the DMI Group’s Alternative Investment Fund) will utilise this land parcel to develop 1 million square feet of prime warehousing space,'' the statement said.
Anarock did not disclose the deal value but said the prevailing land prices around the Ballabhgarh-Sohna Highway region range from Rs 1.4 to 1.5 crore per acre.
Akshay Uday, Senior Vice President, Anarock Capital, said: ''The land, which was acquired from a group of Delhi-based investors, will be developed over a period of 18 months with an investment corpus of approx Rs 200 crore''.
The land is ideally located, benefiting from proximity to critical road infrastructures like the Delhi-Vadodara Expressway, Eastern Peripheral Expressway, National Highway 8, and KMP Expressway, he added.
The Sohna-Ballabgarh market has gained prominence in the last two years since industrial and warehousing player ESR India acquired land there to establish a 77-acre warehouse.
Amazon has leased 9,00,000 square feet in the ESR warehousing facility, and other key retailers like Tata Croma have also picked up space there.
''The warehousing and logistics sector has been one of the primary beneficiaries of the new post-pandemic market realities.
''With the rise in manufacturing activities across the country, demand for warehousing and logistics assets has risen remarkably. The expanding economy and changing business models have also been instrumental in the sector’s growth,'' said Shobhit Agarwal, MD & CEO, Anarock Capital.
As per its research, Anarock said the total pan-India Grade A warehousing stock as of 2021-end stood at approximately 140 million square feet, growing at 16 per cent CAGR between 2018 and 2021.
Of this, NCR comprises a nearly 15-20 per cent share. ''The pandemic has been a major demand booster as eCommerce has flourished ever since COVID-19 struck. There will be a steady increase in online businesses, leading to a surge in new warehousing demand.
Likewise, multi-level warehouses within the city limits are in great demand,'' Anarock said.
(With inputs from PTI)
