Hiranandani Group announces its entry into industrial and logistic parks segment

Mumbai News

Renowned real estate developer Hiranandani Group has recently announced its entry into the industrial and logistic parks segment across the country. The new vertical named ‘GreenBase’ will provide best-in-class Logistics and industrial parks, with a pan-India footprint. The group will initially target cities like Pune, Nashik, Mumbai, Chennai, and Kolkata.

In order to fast-track the work, the group has already reserved 500 acres of land bank in different parts of the country. They will be further acquiring new land parcels either directly or through partnership and joint venture models in strategic locations.

Speaking on the new venture, Niranjan Hiranandani, Managing Director, Hiranandani Communities said, “The Government’s Make-in-India programme and introduction of unified tax structure in the form of GST (Goods and Services tax) has brought a structural shift to small fragmented warehouse networks in the consolidated space, along with large distribution chains and centralized hubs.”

For ‘GreenBase’, the group has earmarked land parcels at Talegaon in Pune, Nashik, Panvel near Mumbai, Chennai’s Oragadam and Durgapur in Kolkata for developing these projects.

Niranjan Hiranandani further said that the operating model of GreenBase will include built-to-suit industrial facilities, cold storage and built-to-suit warehouses for end customers as well as large third-party logistics players.

“The government’s decision to accord infrastructure status to the logistics industry is allowing developers to access low-cost funds for the development. All these factors together provided an impetus to the group to diversify and enter the industrial and logistics sector.” added N Shridhar, group director, and CEO – infrastructure.