Realty developer Vatika is venturing into industrial parks with its maiden project in Gurgaon’s Manesar Industrial Area. The company will be investing over Rs. 375 crore to develop this industrial park spread over 120 acres and infrastructure around the same, said a top company official.
Vatika is planning to develop the project as a mix of an industrial park and warehousing on this land parcel located in sectors M9 and M10 of IMT Manesar, adjoining the recently-opened Kundli-Manesar-Palwal (KMP) expressway in Gurgaon.
“We have decided to foray into this space as there is a huge demand for industrial parks and warehousing. We also have a land bank to support our growth in this segment. The rise of ecommerce and streamlining of taxes through the implementation of GST have created a huge opportunity,” said Gautam Bhalla, MD, Vatika. Vatika has so far developed townships, schools, hotels, retails, commercial spaces and business centres.
The developer is now entering into a new avenue to develop its first industrial park in Haryana. The company is planning to focus on northern India, particularly expressways and cargo routes such as KMP expressway, to develop such industrial parks and warehousing hubs.
The total built-up area in the proposed first project will be around 6 million sq ft including the industrial and warehousing spaces. The company expects to complete the project in 24 months and is seeking more opportunities to expand its footprint in this vertical in and around the new expressways.
“We estimate this project to generate a top line of Rs. 900 crore. We have started receiving queries from Delhi-based manufacturing unit owners, who have been asked by the government to shift out of the main city,” Bhalla said. Vatika expects total investments in the proposed industrial park, including vertical development, to rise to Rs. 700 crore.
The company has acquired the land in phases through internal accruals and will be supporting the development also through the same. Vatika is currently constructing 6.38 million sq ft of residential space within Gurgaon.
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