Real estate developer IndoSpace invests Rs. 580 crore to develop 2 logistics parks in Karnataka

On August 22, industrial and logistics real estate developer IndoSpace announced plans to invest Rs.580 crore in developing two hubs in Karnataka. This investment is part of a broader Rs.3,000 crore commitment outlined in a Memorandum of Understanding (MoU) signed with the Government of Karnataka in 2022.

According to the company statement, the two facilities, covering more than 75 acres, will serve various industries including automobiles, engineering, electronics, and third-party logistics (3PL) operators. 

The IndoSpace Nelamangala II logistics park represents an investment of Rs.240 crore and covers 35 acres along the Bengaluru-Mumbai highway (NH48). In contrast, IndoSpace Narasapura II, which involves an investment of Rs.340 crore, spans over 40 acres and is located off Old Madras Road (NH75), near key industrial areas such as Vemgal, Malur, and Hoskote.

IndoSpace Narasapura II is spread across more than 40 acres with an investment of Rs.340 crore. It is located near Old Madras Road, (NH 75) in close proximity to major industrial hubs of India like Vemgal, Malur and Hoskote.

The Vice Chairman, Real Estate, The Everstone Group, Rajesh Jaggi commented, "We are thrilled to contribute to Karnataka's industrial growth with our strategically placed and well-connected logistics parks. Our investment of over Rs.580 crore will fund the development of two state-of-the-art parks covering 75 acres in Karnataka. We are also actively seeking additional opportunities to support the state's and India's economy."

The new industrial site will be launched in addition to IndoSpace’s three operational logistics parks in Karnataka. The three logistics parks are situated IndoSpace Nelamangala I spread over 16 acres, IndoSpace Bommasandra located in new Bengaluru - Chennai highway spanning 5.4 acres and the last one is Narasapura I, which is spanning across 64 acres.

Backed by the Everstone Group, IndoSpace operates a network of 52 logistics parks across 11 cities. The company's total footprint encompasses 58 million square feet, both delivered and under development.