The partnership reiterates the strong association between IndoSpace and METL. In 2017, IndoSpace acquired 140 acres from METL in Badli (Haryana), and the latest acquisition further strengthens the relationship.
The Farukhnagar micro-market has grown exponentially over the last few years and has emerged as a major warehousing and industrial destination in the Delhi NCR. Farukhnagar is close to Gurugram, New Delhi, and other major manufacturing and consumption centers, and has a fully developed social and physical infrastructure. This proposed development will meet the rising demand in Delhi-NCR for world-class Grade A warehousing space from 3PL, FMCG, and e-commerce sectors.
Rajesh Jaggi, Vice-Chairman – Real Estate, Everstone Group, 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. This project highlights IndoSpace’s focus on supporting the growth of India’s logistics sector, which will continue to expand robustly due to improved warehousing infrastructure.”
Shrivallabh Goyal, Whole-Time Director & CEO, METL, said, “We are happy to partner with IndoSpace to develop this world-class facility. This project is testimony to our pioneering efforts to attract world-class companies through best-in-class infrastructure and establish the primacy of METL in the industrial and logistics map of Delhi NCR.”
The logistics and industrial real estate sector have shown stupendous growth in the Delhi NCR region. The partnership between IndoSpace and METL will contribute significantly to the transformation of the sector. It will benefit IndoSpace’s regional presence and strengthen its investment strategy, and also enable IndoSpace to focus on completing multiple due diligence processes parallelly and in a timebound manner.
Adding to its pan-India presence, the acquisition will help IndoSpace grow its footprint strategically across this region while attaining its long-term goal of 120 million sq.ft of modern logistics infrastructure across India. 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 of India.