Singapore-based CapitaLand India Trust (CLINT) has made a strategic move by acquiring the BlueRidge 3 Phase 1, a multi-tenanted IT SEZ project in Hinjewadi, Pune, for ₹773 crore. This significant addition to CLINT’s portfolio is part of a forward purchase agreement made with Nalanda Shelter Private Limited, announced on June 14, 2019.
The 1.4 million square foot project comprises a cafeteria block and an IT building, providing a conducive environment for multinational corporations. Notably, approximately 60% of BlueRidge 3 Phase 1 has already been leased to global giants such as Panasonic Avionics, Aptiv Components, Forvia, Axtria, Cerence Services, Plastic Omnium, and Wurth Information Technologies.
Leasing for the remaining units in Phase 1 is underway, with strong demand indicating positive prospects for the development. A senior official from CapitaLand India Trust Management Pvt Ltd emphasized the strategic importance of Hinjewadi in Pune’s IT landscape. The proximity of BlueRidge 3 Phase 1 to aVance Hinjewadi, a 1.5 million square feet IT SEZ acquired in 2017, ensures ample space for tenant expansion and fosters a work-live-play environment within the BlueRidge township.
The official also highlighted the anticipated improvements in connectivity, citing the upcoming Hinjewadi metro and the Navi Mumbai International Airport. These developments are expected to further enhance the strategic appeal of the region, attracting businesses seeking a well-connected and strategic base.
