Mumbai-based Hiranandani Communities is diversifying into affordable housing and industrial warehousing parks for its next stage of growth. The company is in discussions with a strategic partner to start work on its first warehousing park spread across five million sq ft, on a 250 acre plot it owns in Pune, Maharashtra.
The company aims to create a new industrial warehousing business worth up to Rs 3,000 crore over the next two-three years. Besides Pune, it is also working on building industrial logistics and warehousing parks in Chennai and Nashik, where it owns around 200 acre and 77 acre, respectively. It is also scouting for land at other warehousing hubs such as Bhiwandi (near Mumbai), Kolkata, the National Capital Region (NCR) and a few locations in Bangladesh.
The company is also close to forming a partnership. It intends to set up a platform which will bring the company into the premier league in terms of logistics, warehousing and industrial townships.
In December 2018, the company had launched GreenBase, a warehousing and logistics park vertical. It will develop built-to-suit warehouses, industrial facilities and cold storage. Hiranandani Communities is separately building another 2.5 million sq ft of office space at Panvel in the outskirts of Mumbai, Maharashtra.
At present, the company is building around 2,300 compact homes in Thane, Panvel and Chennai. The housing units comprise studio apartments and one BHK flats of up to 60 sq mtr.