Source: LiveMint.com, Dec 14, 2018
Mumbai: Forty kilometres from Mumbai lies Bhiwandi in Thane district, a warehousing hub dispatching hundreds of thousands of retail and industrial goods to consumers in the financial capital every day. The town, once known for its power looms, has emerged as a warehousing hotspot for e-commerce majors such as Amazon, Flipkart, Myntra and Pepperfry, attracting blue-chip investors and developers keen for a slice of its booming economy.
According to property consultant JLL India, Bhiwandi has around 25.7 million sq. ft of warehousing space, of which only 3.2 million sq. ft are of Grade A quality. At this pace of growth, the town is closing in on Gurugram, which houses 25.98 million sq. ft of Grade A and B warehousing space.
Among firms actively looking to invest in the region are global commercial developers, including e-Shang Redwood (ESR), IndoSpace and Ascendas-Singbridge, and Bengaluru-based Embassy Group. Warburg Pincus-backed logistics developer ESR is all set to sign two large land deals in Bhiwandi, ESR India’s co-CEO Abhijit Malkani said. The company plans to build industrial parks focused on warehousing for retailers and e-commerce firms. If signed, ESR will become the first global institutional developer to enter the region. Read the rest of this entry »