Welspun One, an integrated fund and development management platform, has acquired a 22-acre site along the Gurugram-NH8 corridor. The company plans to invest ₹125 crore to develop a logistics park, which is expected to generate employment for 1200-1500 people.
According to JLL, the Gurugram -NH8 corridor boasts of a total supply of 64 million square feet for Grade A and B spaces as of H1 2024, positioning it as the largest logistics sub-market in India, followed by Bhiwandi in Mumbai. Gurugram-NH-8 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).
“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 and Industrial, India.
The location
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 third-party logistics players, e-commerce giants and retail players, said the JLL statement.
“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 cutting-edge logistics hub that will not only support our tenants’ operational efficiencies but also contribute to India’s broader economic growth. We are committed to developing world-class facilities that will enhance the region’s connectivity and drive industrial growth, further cementing our role in the nation’s logistics sector,” said Anshul Singhal, Managing Director, Welspun One.