IndoSpace, METL to jointly develop industrial park in Haryana

IndoSpace, the real estate arm of Everstone Group, has acquired a 55-acre plot at Farukhnagar in Haryana, which the company would jointly develop with Reliance Industries Ltd’s wholly-owned subsidiary Model Economic Township Limited (METL).

With this, IndoSpace has expanded its footprint in Delhi-National Capital Region to over 480 acre across eight parks, the company said in a statement.

In 2017, IndoSpace - a developer and manager of industrial real estate and logistics parks - acquired a 140-acre plot from METL in Badli, Haryana.

“METL’s expertise in developing large-scale industrial infrastructure in this micro-market will add significant value to this partnership. This project highlights IndoSpace’s focus on supporting the growth of India’s logistics sector, which will continue to expand robustly due to improved warehousing infrastructure,” Rajesh Jaggi, Vice-Chairman, real estate, at Everstone Group said.

METL continues to evaluate opportunities across the country, he added.

IndoSpace has a portfolio of over 41 million sq ft across 39 industrial and logistics parks under various stages of development in nine major consumption hubs in India.

The Farukhnagar micro-market has grown exponentially over the last few years and has emerged as a major warehousing and industrial destination in the Delhi-NCR.

“This project is testimony to our pioneering efforts to attract world-class companies through best-in-class infrastructure and establish primacy of METL in the industrial and logistics map of Delhi NCR,” Shrivallabh Goyal, Whole-Time Director and CEO at METL said.