Welspun One Logistics Parks (WOLP) launched its maiden 110-acre Grade-A warehousing park with a leasable area of 3.2 million sq. ft and an estimated investment of Rs 9 billion ($120 million) in Bhiwandi, a key warehousing market in the Mumbai Metropolitan Region (MMR), India’s largest consumption centre.
The MoU signed under the state’s Magnetic Maharashtra initiative on June 23, 2020, was presided over by the western state’s Minister of Industries, Subhash Desai. The warehousing park is expected to generate over 2,700 job opportunities. With pre-construction planning and design already in place, the park will be operational by 4Q2021.
Designed to global standards and green building certification requirements, the project is positioned to become a key asset in the hub of Mumbai’s warehousing market. By pioneering innovative infrastructure and embracing best-in-class norms, this development is acclaimed to be one of India’s first logistics parks to be equipped for COVID-19 and other such events that could affect park operations.
“This development has further cemented our focus in the warehousing sector. We are optimistic and view this as one of the only asset classes, especially in the current context, which provides both attractive development returns and stable long-term yields," mentioned BK Goenka, Chairman, Welspun Group.
Echoing the sentiment, Anshul Singhal, Managing Director, Welspun One said, “We are also seeing significant interest from international and private equity investors, both at the project and overall platform level; due to the fact that we are launching our first project in a short span of time since inception while parallelly building a robust team that can deliver Grade-A projects across India.”
According to a company release, the park is equipped to meet the requirements of a large number of end-users including e-commerce, third-party logistics, consumer goods, modern retail and pharma.
The promoter’s equity obligations towards the project have been met in the form of land, the market Jawaharlal Nehru Port Trust (JNPT) and Mumbai international airport. It also lies in close vicinity to other major production hubs such as Thane.
The park lends itself to smaller, independent and exclusive campuses within the larger facility. Each warehouse has been designed to be both, modular and to accommodate varied customer requirements. Designed by global logistics experts, the park’s traffic planning maximises throughput efficiency. Advanced features like park management and maintenance on a tech-enabled platform, internet of things (IoT)-driven traffic management system to minimise travel distance and trucks with radio frequency identification (RIFD) tags to predetermine directions and docking will be integrated.
Additionally, there will be provisions for various utility services like a healthcare centre, 24x7 surveillance, fire prevention and firefighting equipment, resting areas for drivers, LED lighting, low-maintenance roof with skylight and ample parking space for heavy as well as personal vehicles.
The park will also be built on key sustainability features such as solar panels for common facilities to provide tenants with an alternative source of power, landscape strategies to minimise water consumption, rainwater harvesting systems, electrically operated doors and a sewage treatment plant of suitable capacity.
Other COVID-19 ready park features include contactless verification for entry or exit of people and vehicles, mandatory health declaration on an app, ultraviolet disinfection, and other automated safety and hygiene checks. The park will rely on software, sensors and digital interfaces to streamline compliances.