Welspun One Logistics Parks (WOLP) has signed a 900-CR MoU for their Bhiwandi project with Maharastra government. This will be 110 acre Grade A warehousing park facility with a leasable area of 3.2 MN SFT. Once ready, the project is expected to generate 2,700 job opportunities. With pre-construction planning and design already in place, the park is scheduled to become operational by Q4 of 2021.
“We are very excited to announce our marquee project in Bhiwandi, which has an excellent demand-supply dynamics due to robust demand, limited supply and low vacancy. Our 110 acre warehousing development project will be a prime addition to the area. This development has further cemented our focus in the warehousing sector. We are optimistic and view this as one of the only asset classes, especially in the current context, which provides both attractive development returns and stable long-term yields.” said B.K. Goenka, Chairman, Welspun Group.
The promoter’s equity obligations towards the project have been met in the form of land, the market value of which is estimated to be INR 350 CR. The project is being developed in phases with the necessary financing already tied-up in principal, alongside a construction loan which will be converted into a “Lease Rental Discounting” (LRD) facility on completion of each phase.
Welspun One’s Bhiwandi project would enjoy excellent connectivity to Mumbai-Nashik National Highway (NH3), JNPT (Nhava Sheva) Port, Mumbai’s International and Domestic Airport and is also in close vicinity of other major production hubs such as Thane. The park would be structured in smaller, independent and exclusive campuses within the larger facility and it will have IoT driven traffic management system to minimize travel distance and trucks with RFID tags to predetermine directions and docking.