Macrotech Developers to invest Rs 330 crore to develop warehousing project in Mumbai

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Macrotech Developers (Lodha developers) announced that Lodha Green Digital Infrastructure (LGDI) platform has acquired around 8 acres of land in Kurla (Mumbai) and will invest around Rs 330 crore to develop a warehousing project in Mumbai.

The land will be used for the development of around 4 lakh sq. ft. of Grade-A multi-tenanted in-city fulfilment centre to provide the last mile warehousing infrastructure to 3PL, e-commerce, and quick-commerce companies. The development will involve a total investment of around Rs 330 crore and is expected to be completed in the next 12-18 months in phases, it said in a statement.

“We are delighted to announce the expansion of the LDGI platform through our second acquisition in Mumbai. This will be the first institutional investment of scale in “in-city logistics asset” in Mumbai. We are focused to bring extensive experience in this asset class and dedicated resources to support the growth of this platform. We see that there is a huge demand for Grade-A digital infrastructure in our country and we are aligned with our aim to develop industrial and logistics parks as well as in-city logistics assets across multiple cities in India,” said Shaishav Dharia, Director, Lodha Green Digital Infrastructure.

“With such developments, there will be growth in logistics efficiency and creating job opportunities in different parts of the country. We will focus on building and operating this digital infrastructure to the highest levels of environmental sustainability with the view to creating a global benchmark,” Dharia said.

This is the second asset acquired by the Lodha Green Digital Infrastructure (LGDI) platform in Mumbai as it seeks to acquire more such assets in the city and other key consumption/manufacturing hubs across India like Pune, Bangalore, NCR, and other cities.

Kurla's location has a strategic advantage due to its proximity to Mumbai airport and being situated in the middle of consumption hubs like BKC, Bandra, Powai, Andheri, Vikhroli, Chembur, and Kanjur Marg.

The first project was around 110-acre logistics and industrial park development at Palava, an established location for digital infrastructure in Mumbai Metropolitan Region.

Earlier this year, Lodha announced a partnership with Bain Capital and Ivanhoé Cambridge to develop the next-generation green digital infrastructure platform. The objective of the platform is to establish a pan-India presence in the digital infrastructure space that includes logistics and light industrial parks as well as in-city fulfilment centres. The platform has jointly invested around $1 billion to create around 30 million sq. ft. of operating assets to serve India’s digital economy.

Lodha has delivered more than 85 million square feet of real estate and is currently developing around 95 million square feet under its ongoing and planned portfolio. The Group has approximately 4,400 acres of land beyond its ongoing and planned portfolio which will be utilised in developing further Residential, Commercial, Industrial and Logistics spaces.