Key Developments in India’s Life Sciences Real Estate Market

In February 2024, Rx Propellant has committed an initial investment of $75 million in phase 1 of the Navi Mumbai Research (NMR) District. The NMR District represents the first exclusive life sciences development in Mumbai and is spread across 16 acres of land with a total development of 1.5 million sq ft. It was formally launched in November 2023 with the first phase of 400,000 sq ft set to be ready for occupancy by late 2025. To be developed in multiple phases, this project will attract a total investment of over $150 million by RxP. RMZ Corp, one of the leading developers of commercial and co-working spaces in India, recently forayed into life sciences real estate with its TechZone project in Bengaluru. The project offers a mix of R&D, manufacturing, and warehousing space for life sciences companies. Singapore-based asset manager Lighthouse Canton partnered with Ivanhoé Cambridge to invest in life sciences real estate in India. They have committed to developing over 1 million sq ft of laboratory space in Genome Valley, Hyderabad. In partnership with Ivanhoe Cambridge, real estate subsidiary of Canadian pension fund CDPQ, Lighthouse Canton has setup a platform, Neovantage Innovation Parks in Hyderabad that has a portfolio size of 850,000 sq ft operational, 350,000 sq ft under construction. Prologis, global logistics giant, forayed the life sciences real estate market in India to develop cold chain facilities for storing and transporting temperature-sensitive life science products. Blackstone, private equity giant, has invested in life sciences real estate in India through its platform, Ascendas India. They are developing life sciences parks in Bangalore and Pune. In 2020, foundation stone was laid for a Bengaluru Life Sciences Park to come upon a sprawling 52.27 acres with an estimated spend of Rs 5,000 crores. The park is being set up under a public-private partnership with the government of Karnataka and private entity Labzone Corp.