Global industrial real estate developer Panattoni, has launched its first project in Delhi NCR for which it has invested ₹110 crores in the first phase. Over the next year, the company along with its multiple investment partners, plan to invest 100 million euros in projects across the country.
“The company has so far acquired 17 acres of land. In partnership with an institutional investor, it has made an investment of ₹110 crores in the first phase of the project. Over the next one year, Panattoni together with its multiple investment partners plans to invest 100 million euros across projects in the country,” said Sandeep Chanda, Managing Director India, Panattoni.
He told Hindustan Times Digital that the company has recently acquired the land parcel. “It is currently under approval stage. Building approvals have been applied for. The construction of this project is scheduled to commence by March 2024. The company is targeting completion by the end of the fourth quarter of FY25,” he said.
Phase 1 of the project covers 717,000 square feet and has a potential built-up area of 360,000 square feet.
The company is looking at e-commerce, FMCG, white goods and auto components firms as potential clients.
“From the design standpoint, the company has taken inputs from its global team. So, there are few things that we are introducing in terms of design. We are aligning ourselves somewhat to the extent possible with Europe and the US. In terms of the engineering aspects, US and European standards are being followed,” he told HT Digital.
To be called Panattoni Park, the project is located along National Highway 352 (formerly known as National Highway 71) in Delhi-NCR and is surrounded by the warehousing cluster in Luhari on one side and Farrukhnagar on the other. Major retailers, 3PL, e-commerce, and industrial occupiers are present in the region.
Panattoni India Development Pvt Ltd is a part of the Global Panattoni Group, that has operations in Austria, Belgium, Czech Republic, Denmark, France, Germany, Hungary, Italy, the Netherlands, Poland, Portugal, Slovakia, Spain, Sweden, United Kingdom, United States and Canada. It commenced its India operations in 2022 and is headquartered in Bengaluru.