Hiranandani’s Greenbase Industrial and Logistics Park (GILP) to invest ₹4,500 crore in the next 5 years to deliver 15 million sq ft of industrial built-to-suit (BTS) warehousing space that are custom-built tailored to meet the specific needs of a particular tenant. This will be built in places like Chennai, Mumbai Metropolitan Region, Pune, Bengaluru, Hosur, Kolkata and Nashik, said its CEO N Shridhar. GILP is a joint venture between Hiranandani and Blackstone Group.

Since the launch of Greenbase in 2018, the company has built 5.5 million sq ft of industrial BTS with a total investment of ₹2,000 crore, he told media.

Out of the total space, 70 per cent will be industrial BTS while 30 per cent will be warehousing and industrial warehousing, he said.

The company’s clients are in sectors like renewable energy, automotive and digital electronics. Some of the clients include Vestas and Guruit, he said.

Expanding presence

Sridhar said the company is increasing its presence in Chennai with plans to acquire 211 acres of land in Oragadam and North Chennai. This will happen in the next 12 months to augment the existing 180 acres held by the company. An investment of ₹700 crore has been earmarked for the new development of the 391 acres, with project delivery expected within this fiscal, he added.

The ₹700 crore investment is for acquiring land in Chennai, while an additional ₹700 crore will be required for construction cost to build 391 acres (7.5 million sq ft) in Chennai, he said.

The acquisition follows the delivery of 135 acres of industrial and logistics parks at Oragadam, which is emerging as a hotspot for residential, commercial and industrial real estate development. GBLP has already delivered 3 million sq ft of BTS space in Oragadam, he said.

Chennai will account for 35-40 per cent of the company’s overall growth. With the availability of better policies, incentives, single window clearance and a good workforce, the market is attractive to invest in, he said.