Dubai-Based IndiaLand To Invest Rs 1500 Crore In Indian Real Estate Market

The Dubai-based IndiaLand, a local division of the Americorp Group is about to invest Rs 1500 crore in the Indian real estate market in the next three years to increase its asset value to Rs 7000 crore from the current Rs 3000 crore in the next five years. IndiaLand plans to extend office spaces and industrial estate properties across Chennai, Pune and Coimbatore. Plans are also underway to acquire land in Bengaluru to develop Grade A standalone office spaces.

To date, the company has developed more than 6 million sq ft (MSF) of office parks across the three cities besides industrial parks and malls. Within the next 3-5 years, the company plans to add 2.2 msf of grade A office space in Hinjawadi, Pune in addition to the 0.50 msf of operational office space in the city and about 0.8 msf additional space in Coimbatore. IndiaLand’s majority portfolio is in Chennai and Coimbatore. However, with the development plans underway, they plan to dominate both Maharashtra and Tamil Nadu.

To increase its industrial space portfolio, the company is also eyeing major expansions in Pune and Chennai. The company will also commence work on the first phase of its industrial and logistics park close to Chennai totalling about 150 acres, out of 500 acres in total. While the process to obtain all approvals is ongoing, the company plans to complete the first phase within 3-5 years.

In Pune, IndiaLand plans further expansion of its existing 20-acre industrial and logistics park.

The company is planning to expand office spaces in Tier II cities as there is a mismatch of demand and supply in these pockets. Cities like Trichy, Madurai and Coimbatore are developing at exponential space but lack Grade A office spaces.