Welspun One buys 22-acre land in Gurgaon
Welspun One, an integrated fund and development management platform, has acquired 22-acre land in Gurgaon to develop a logistic park with an investment of Rs 125 crore.
«This acquisition marks a significant step in expanding our footprint in one of India's vital logistics corridors. By leveraging this prime location, we aim to create a logistics hub that will not only support our tenants' operational efficiencies but also contribute to India's broader economic growth,” said Anshul Singhal, managing director, Welspun One.
According to JLL, transaction advisor for the deal, the Gurgaon/NH-08 corridor boasts a total supply of 64 million square feet for Grade A and B spaces as of H1 2024.
“This land transaction is unique in the sense that it’s a long lease of aggregated land from multiple private landlords – an emerging transaction typology in the country i.e. lease over outright,” said Yogesh Shevade, Head – Logistics & Industrial, India, JLL.
It is the largest logistics sub-market in India, followed by Bhiwandi in Mumbai. Gurgaon/NH-08 sub-market witnessed a gross absorption of 3.7 million square feet in H1 2024, almost doubling the absorption recorded during the same period in the previous year (H1 2023).
The site is ideally positioned near existing major logistics parks, enhancing its appeal to tenants. Welspun One's proposed development will complement the surrounding infrastructure, which includes tenants like leading 3rd party logistics players, e-commerce giants and retail players.
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