Is ESR Group Set to Revolutionize The Odisha Warehousing Landscape With an INR 360-crore Investment?

Mumbai:

Marking its dynamic entry into Odisha's booming market, the ESR Group - a prominent real estate services and investment entity with a stronghold in the Asia-Pacific - is gearing up to develop a sprawling logistics park. Encompassing an area of 1.2 million sq ft, the park will be nestled in the strategic hub of Cuttack, with the company having procured 57 acres of land as the groundwork for this massive project.

The enterprise, which boasts a listing on the Hong Kong Stock Exchange, is earmarking an investment of Rs 360 crore to foster the growth and development of this warehousing hub, dubbed the ESR Cuttack Logistics Park. Set to be the solitary institutional-grade facility in the vicinity, the project aligns with the highest quality standards, encapsulating grade-A specifications.

This initiative signifies ESR's strategic move to strengthen its foothold in the eastern territory of India, succeeding its inaugural asset in Kolkata, the ESR Uluberia Logistics Park.

Malkani anticipates that this venture will radically reshape the warehousing sector within the micro market, responding adeptly to the burgeoning demands for a seamless and efficient supply chain management system. He highlighted that the steadfast growth of the ecommerce and retail sectors in Odisha has fuelled their aspiration to cultivate a state-of-the-art facility, incorporating green building principles.

In an already progressive stride, the ESR Cuttack Logistics Park premises houses an operational building, currently leased entirely and occupied by one of the pre-eminent ecommerce giants in India. Progressing swiftly, the company is nearing the completion of the construction phase of a second establishment. Once completed, the comprehensive park is slated to feature six sophisticated structures, poised to be the nucleus for the expansion endeavours of India’s ecommerce and retail powerhouses.

Inference: This monumental development by the ESR Group not only cements its influential position in the real estate sector but promises to galvanize the warehousing market in India, fostering innovative solutions and opportunities. Particularly in Odisha, this project heralds a new era of infrastructure development, potentially elevating the state as a coveted destination for ecommerce and retail enterprises seeking superior logistic solutions.