Hiranandani Greenbase to develop industrial, logistics parks on 391 acres in Chennai

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. 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. 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.
 

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