Pardos Logistics, a subsidiary of Pardos Real Estate, has bought 41 acres in Haryana to develop 1 million sq ft of warehousing space. The deal was facilitated by the Capital Markets division of the ANAROCK group, the real estate consultancy firm said in a statement.

While the cost of the land parcel was not shared, the ANAROCK group said the going rate around the Ballabhgarh-Sohna Highway, where the land is located, is in the range of ₹1.4-1.5 crore per acre.

“The land, which was acquired from a group of Delhi-based investors, will be developed over 18 months with an investment corpus of approximately ₹200 crore,” Akshay Uday, Senior Vice-President, ANAROCK Capital, said.

Demand for warehousing space

The Sohna-Ballabgarh market has gained prominence in the last two years since industrial and warehousing player ESR India acquired land to set up a 77-acre warehouse. E-commerce major Amazon has leased nine lakh sq ft in ESR warehousing facility, while other players like Tata Croma have also picked up space there, sources say.

Pardos Real Estate is a development platform incubated by DMI Group’s Alternative Investment Fund.

As per data available from ANAROCK Research, the total pan-India Grade-A warehousing stock as of 2021-end stood at around 140 million sq ft, growing at 16 per cent CAGR between 2018 and 2021. Of this, NCR constitutes nearly 15-20 per cent. Over 70 per cent of the modern warehousing capacity in India is concentrated in the top eight cities of Mumbai Metropolitan Region (MMR), NCR, Bengaluru, Kolkata, Hyderabad, Chennai, Ahmedabad and Pune.