Greenbase Industrial and Logistics Parks, realty major Hiranandani Group and US-based private equity firm Blackstone Group’s joint venture, is set to acquire three land parcels spread over 211 acres across Southwest Chennai’s Oragadam area and in North Chennai, said a top official of the company.
This land acquisition is expected to take the company’s total land holding to 391 acres in Chennai and Greenbase is planning to invest over Rs 700 crore to develop these land parcels into industrial parks in the current financial year itself. These new parks with total space of 7.5 million sq ft will take the company’s portfolio in Chennai alone to 11 million sq ft.“We are at an advanced stage of acquiring these new land parcels and the deals will be concluded very soon,” N Shridhar, CEO, Greenbase Industrial and Logistics Parks, told ET.
The company has already operationalized its first industrial and logistics park in Chennai spread over 135 acres at Oragadam and fetches annual rental revenue of Rs 150-200 crore from this park. Two of the new land parcels that are being acquired are in the proximity of this existing park.
“Greenbase has already delivered 3.5 million sq ft of built-to-suit space in Oragadam, catering to a diverse clientele from e-commerce, electronics, renewable energy, automotive, manufacturing, and engineering industries. We have set an ambitious target of delivering nearly 20 million sq ft over the next five years across key markets including Chennai, MMR, Pune, Bengaluru, Kolkata, and Nashik,” Shridhar said.
Currently, the company’s operational portfolio is spread over 4.7 million sq ft across Pune and Chennai.
According to him, the company’s solidified presence in Chennai, comprising 40% of its overall growth portfolio, is attributed to factors such as skilled talent, conducive climate, ease of doing business, favorable industrial policies, government incentives, and significant interest for high-quality assets from multinational companies.
The proposed expansion in Chennai is estimated to generate around 1,000 jobs, spanning both direct and indirect sectors, further boosting the local economy, he added.The company remains bullish on India’s logistics infrastructure sector, driven by existing shortages and emerging new demand catalyzed by geo-political realignment, the China-plus-one policy, the production linked incentive (PLI) scheme, and the Make in India programme.
Oragadam, situated in the southwest corridor of Chennai, is rapidly emerging as a hotspot for residential, commercial, and industrial real estate development. The favourable location, proximity to sea and airports, and its prominence in sectors such as auto-ancillary, IT & ITeS, and manufacturing have positioned Oragadam as a significant trade center.
The region is witnessing robust demand due to favorable macroeconomic conditions, strategic policy reforms, government initiatives, high-quality infrastructure, and the availability of Grade A assets.
