by THO
Real estate developer Sumadhura Group has leased a 1.8 lakh-square feet warehousing space for nine years to global logistics company NX Logistics India (Nippon Express) at Sumadhura Logistics Park in Bengaluru, the company said in a statement on September 12.
The facility is a part of the first phase of development of Sumadhura Logistics Parks, spanning 2.5 million square feet of commercial warehousing space on a 100-acre land parcel in Hoskote town. It entails an investment of ₹600 crore, the company said.
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According to the statement, the realty player plans to expand the warehousing space to 6 million square feet in the next phase. Overall, the brand is planning to come up with a total of 500 acres of warehousing and industrial parks in the next few years, as per information available on the company website.
“The increasing demand for Grade A warehouses across various sectors indicates the growing market need for top-quality warehousing solutions, particularly from large-scale industries like FMCG, which is expected to become a $10 billion industry by 2030,” said Madhusudhan G, Chairman and Managing Director, Sumadhura Group.
Hoskote has emerged as an industrial and warehousing hub
Home to manufacturing plant units of multiple corporate giants, Hoskote has emerged as an industrial and warehousing hub in recent years.
According to data sourced from proptech unicorn NoBroker, average commercial property prices have risen 7% year-on-year in the area to start at ₹15,000 per square feet currently. Meanwhile, rentals have increased by 9% annually.
Also Read: Bengaluru tops industrial and logistics leasing at 3.4 mn sq ft in H1 2024, up 70% YoY
Currently, a 2,000-square feet godown/warehouse in the area commands an average rent of ₹20,000.
In a 30-year time span, Sumadhura Group has delivered over 50 projects spanning 11 million square feet across segments such as residential, commercial, warehousing and co-living, among others. With presence in Bengaluru and Hyderabad, the company has 40 million square feet of development in the pipeline presently, as per the company statement.
