IndoSpace said on Wednesday it has acquired 55 acres at Farukhnagar in Haryana as part of a joint venture with Reliance Industries subsidiary, Model Economic Township (METL).
The land has a development potential of 1.28 million sq ft (MSF) and allows the warehouse developer to expand its footprint in Delhi NCR to over 480 acres across eight parks.
“In 2017, IndoSpace acquired 140 acres from METL in Badli, Haryana. The latest acquisition strengthens the relationship,” IndoSpace said. METL is a 100% subsidiary of Reliance Industries (RIL).
The Farukhnagar micro-market has grown exponentially over the last few years and has emerged as a major warehousing and industrial destination in NCR. The proposed development will meet the rising demand in Delhi NCR for world-class Grade A warehousing space from 3PL, FMCG, and e-commerce sectors, it added.
Everstone group vice-chairman (real estate), Rajesh Jaggi said: “We are excited to enter one of the fastest-growing industrial zones in partnership with METL as we continue to evaluate opportunities across the country. METL’s expertise in developing large-scale industrial infrastructure in this micro-market will add significant value to this partnership.”
IndoSpace has a portfolio of over 41 million sq ft across 39 industrial and logistics parks under various stages of development in nine major consumption hubs in India.
