The City and Industrial Development Corporation (CIDCO) has initiated the bidding process for the first phase of its proposed 925-acre Integrated Logistics Park (ILP) at Pushpak Node in Navi Mumbai, in what is expected to be among the largest planned logistics infrastructure projects in the Mumbai Metropolitan Region (MMR).
As part of phase one, CIDCO has issued an Expression of Interest (EOI) for leasing nearly 174 acres spread across 12 plots near Chirle village. The larger project is being developed to cater to rising demand for warehousing, cargo handling, distribution and logistics services driven by e-commerce growth, manufacturing activity and port-led trade.
The proposed logistics park enjoys strategic connectivity to major infrastructure projects such as Jawaharlal Nehru Port, the upcoming Navi Mumbai International Airport, the Mumbai Trans Harbour Link and key highway networks, strengthening its position as a multimodal logistics hub.
“With JNPT, Navi Mumbai airport, MTHL and key highway corridors converging around it, CIDCO’s proposed logistics park reflects how Navi Mumbai is fast evolving from a satellite city into one of India’s most strategic logistics and warehousing hubs. The scale of participation from global and domestic players also underlines rising investor appetite for industrial and logistics assets as infrastructure-led growth reshapes the Mumbai Metropolitan Region’s real estate landscape,” Vijay Singhal, VC & MD, CIDCO, told ET.
The plots will be offered under CIDCO’s Pass-Through Policy through a one-stage, two-cover e-tender system followed by an e-auction. Lease tenure has been fixed at 60 years, including the construction period, while the base price stands at Rs 24,711 per sq metre, or nearly Rs 10 crore per acre.
Several leading logistics and industrial players, including Horizon Industrial Parks, Welspun, ESR and DP World, participated in the pre-bid meeting, indicating strong investor interest in logistics and warehousing assets across the Mumbai-Navi Mumbai-Raigad corridor.
Source: The Economic Times
