Vision India to build logistics parks in Bangalore, Chennai
April 18th, 2010 - 4:05 pm ICT by IANSChennai, April 18 (IANS) Integrated property development and asset management company Vision India Real Estate Pvt Ltd is planning to develop logistics parks in Bangalore and Chennai, with an outlay of $110 million.
“Our focus areas are Bangalore, Chennai and Hyderabad. To start with, we will be building a logistics park in Bangalore (52 acres, outlay $60 million) and in Chennai (40 acres, outlay $50 million). Our target clientele would be retailers, international third party logistics providers, and industrial and automobile units,” Ariel Lahmi, director told IANS Sunday.
He said the company is awaiting regulatory clearances and would start construction work after getting the green signal.
“Sixty percent of the warehouse space in both the parks have already been booked,” Lahmi said.
The Bangalore logistics park will come up on the Old Madras Road whereas the Chennai park will come up near Sriperumbudur.
Vision India plans to follow dual model for its warehouses - leasing as well as outright sales.
Lahmi is also looking at selling the warehouses to foreign insurers having a presence in India.
“Overseas insurers would have 10 percent of their real estate investment in warehouses as it offers steady returns. The internal rate of return from warehouses are similar to that of what insurers would get from letting out commercial space,” he said.
According to him, insurers would be attracted to invest in warehouses developed by Vision India as they will be modern, huge in size and would have a life of over 40 years.
“Insurers will be interacting with one major client and will get their lease rentals without any problem. It is like income from bonds,” he claimed.
He said the demand for good warehouse space in southern India is around five million square feet and even if Vision India develops 10 percent of that it is good business.
Vision India has teamed up with the city-based Gem Group having business interests in granites, sugar mills, textiles and hospitality to build a residential apartments project near here at an outlay of Rs.320 crore.
- Holiday Inn Express hotel to come up in MahindraWorld City - Jun 14, 2011
- Tough year for realty, no respite seen in short-run (2011 in Retrospect) - Dec 29, 2011
- Tata Realty targets Rs.30,000 crore projects by 2015 - Aug 05, 2010
- DHL Lemuir Logistics to build warehouse investing $10 million - May 27, 2010
- Logistics park launched near Chennai - Jun 23, 2010
- L&T; achieves financial closure for Hyderabad Metro Rail (Lead) - Apr 05, 2011
- Fire breaks out in mobile parts firm's warehouse - Jun 16, 2011
- Godrej Properties to raise Rs.500-600 crore to reduce debt - Feb 10, 2012
- Lok Capital invests $3 million in rural BPO - Sep 15, 2011
- India is focus for world's largest serviced residence operator - Aug 07, 2011
- Indian stone industry bullish on growth momentum - Feb 02, 2012
- Prestige to promote Chennai apartment project - Jan 11, 2012
- Alliance to build residential, commercial projects in Chennai - Sep 09, 2010
- Karnataka to have five new bio-tech parks - Jul 11, 2011
- Indo-Israeli JV launches Hyderabad housing project's second phase - Nov 10, 2011
Tags: asset management company, business interests, business vision, chennai, commercial space, company vision, dual model, focus areas, gem group, india real estate, internal rate of return, madras road, outlay, outright sales, real estate investment, southern india, target clientele, third party logistics, third party logistics providers, warehouse space