Shriram Properties (SPL) has entered into a Memorandum of Understanding (MoU) with LOGOS, an Asia-Pacific logistic specialist, for a potential sale of up to 90 acres of land in Shriram Grand City at Uttarpara, Kolkata, which will be developed into a Warehousing and Logistics Park by LOGOS. SPL is already developing 4.5 million sqft of residential apartments serving 5,500 families and is poised to hand over 500+ homes during H1-FY23. The company has maintained that it intends to develop 10 million sqft of saleable area for residential development and sell the remaining area to strategic partners for other formats of development.
The proposed sale of land is integral to this strategy. Following finalisation of the transaction, LOGOS intends to develop the land into a modern, sustainable logistics Park offering approx. 2.2 million sqft of industrial and warehousing space. The Park is expected to generate 50,000 of local direct and indirect jobs in West Bengal. The transaction is expected to be completed during 2H-FY23 on satisfactory completion of necessary due-diligence and receipt of requisite approvals.
Shriram Properties is one of the leading residential real estate development companies in South India, primarily focused on the mid-market and affordable housing categories.
