Greenbase in final stages of acquiring 55 acres of land at Oragadam
Greenbase Industrial & Logistics Park, a Hiranandani- Blackstone joint venture, is in the final stages of acquiring about 55 acres of land adjacent and contiguous with its existing parcel inside the Hiranandani Parks in Oragadam, the auto hub near Chennai. The total project investment is projected to be around ₹425 crore, with an estimated land cost of ₹110 crore, said N Shridhar, CEO, Greenbase.
A year ago, the JV announced fresh investment of about ₹800 crore at Oragadam to create space for manufacturing companies.
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Shridhar said Greenbase is also incorporating the Elaichur land, located near Oragadam, into its expansion plans. This parcel spans about 90 acres, with an investment of ₹150 crore. Together, these acquisitions strengthen the company’s growth trajectory and reinforce our commitment to creating world-class infrastructure and value-driven developments, he told businessline.
At Greenbase an investment of around ₹2,000 crore has come in and nearly 2,500 employees (both white collar and blue collar) are present. The clients at Greenbase are Vestas Wind Technology, Gurit Wind Technology, Jost India, Sanmina, Micronics, Hydraspecma, OBO Bettermann, MAS Holdings Pvt Ltd, Cooper Turner Beck, TD Connex, Cooper Wind, Yusen India and Hellermann Tyton, he said.
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Residential side
On the residential side, the Hiranandani Parks has three independent clusters of apartments, divided into low-rise buildings and high-rise buildings. A total of 1,424 residential apartments exist in the township.
The apartment was launched at ₹2,400 per sq ft and today selling at ₹4,500 per sq ft. The occupancy is around around 85 per cent primarily catering to the needs of employees working in sectors like automotive, tech, and sustainable energy that have a large presence in the region. There is a mix of Indians and expats from Korea, Japan, Germany and Denmark, said Niranjan Hiranandani, Chairman, Hiranandani Communities.
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“We have launched our plotted development at a rate of ₹1,799 per sq ft; today we are selling at ₹3,500 per sq ft,” he said. There are a total of 1,010 plots launched across three phases with 90 per cent of the inventory sold out, he said.
