6 days ago
CapitaLand plans ₹19,200 crore push into Mumbai, Pune real estate markets by 2030
CapitaLand Investment Limited (CLI), a real asset manager, announced on August 12 that it has signed a Memorandum of Understanding (MoU) with the Maharashtra government and indicated plans to invest over ₹19,200 crore by 2030, aiming to expand its presence in the Mumbai and Pune commercial real estate markets. CapitaLand Investment Ltd said its presence in Maharashtra commenced in 2013 with the launch of International Tech Park Pune, Hinjawadi (ITPP-H), developed in partnership with the Maharashtra Industrial Development Corporation (MIDC). (CapitaLand Investment Ltd)
The announcement was made at the launch of CLI's first data centre in India, located in Navi Mumbai on August 12.
The company said that Gan Kim Yong, Singapore's Deputy Prime Minister and Minister for Trade and Industry, and Maharashtra Chief Minister Devendra Fadnavis graced the launch event.
It said CapitaLand's investments will cover business parks, data centres, logistics, and industrial parks in Maharashtra, where it has operated since 2013.
According to the company statement, CLI's presence in Maharashtra commenced in 2013 with the launch of International Tech Park Pune, Hinjawadi (ITPP-H), developed in partnership with the Maharashtra Industrial Development Corporation (MIDC).
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Over the past decade, CLI has significantly expanded its footprint in Mumbai and Pune, investing over ₹6,800 crores (S$1 billion) across 10 assets spanning business parks, data centres and logistics facilities, the company said in a statement.
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The planned investments in Maharashtra are an integral part of CLI's broader growth strategy for India, where the company aims to increase its funds under management. They will be across business parks, data centres, logistics and industrial parks, demonstrating CLI's confidence in Maharashtra's emergence as a hub for innovation, services, digital infrastructure, manufacturing and logistics, the company said in a statement.
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'India is a core market for CLI, and Maharashtra, with its strong economic fundamentals and well-developed IT and industrial ecosystem, presents significant opportunities for us to grow our footprint. The state has been a steadfast partner in our growth journey over the past decade, and we value the strong support and collaboration," Sanjeev Dasgupta, CEO, CLI India, said.
"We will continue to scale our investments in Maharashtra through our listed trust, CLINT; our private funds; and the Ascendas-Firstspace platform. We look forward to strengthening our partnership and contributing further to Maharashtra's commercial and industrial growth," Dasgupta added.
