IndoSpace to invest over Rs 580 crore to develop two logistics parks in Karnataka
industrial real estate IndoSpace is planning to invest over Rs 580 crore to develop two new logistic parks spread over 76 acres in Karnataka as part of the commitment made by the company through a Memorandum of Understanding (MoU) signed with the state government.
In 2022, IndoSpace entered into a seven-year pact with the government, with a commitment to invest Rs 3,000 crore in the state's warehousing and logistics industry. This investment, the largest ever by an industrial developer in Karnataka, is expected to create 14,000 new jobs.
“These parks will have a total development potential of 1.8 million sq ft and are targeted at industries such as automobiles, engineering, electronics, and third-party logistics (3PL) operators. These parks will be developed in phases, and the work will commence this year with plans to make them operational over the next 2–3 years,” said Rajesh Jaggi, Vice Chairman, Real Estate, The Everstone Group.
Of these two proposed parks, IndoSpace Nelamangala II logistics park will be spread over 35 acres and will be developed with an investment of Rs 240 crore. This park is located along the Bengaluru-Mumbai highway (NH48) and aims to strengthen the region’s industrial capabilities.
The second park, IndoSpace Narasapura II will span over 40 acres and is situated off Old Madras Road (NH 75), close to major industrial hubs such as Vemgal, Malur, and Hoskote. The company will make an investment of Rs 340 crore in this development.
IndoSpace currently operates three logistics parks in
