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DHL Logistics Private Limited has extended its lease for 317,000 sq ft of warehousing space in Panvel near Mumbai for five years, at a monthly rent of INR 1.80 crore (approx. USD 215,000). The lease, effective from August 1, 2024, includes a 5% rent escalation starting June 2025 and a security deposit of INR 14.11 crore (approx. USD 1.7 million). The warehouse is located in the Ascent Free Trade and Warehousing Zone, developed by Ascendas Panvel FTWZ of CapitaLand Group, near the upcoming Navi Mumbai airport. The move highlights Panvel's growing importance as a logistics hub.
DHL Logistics Private Limited has renewed its lease for a 3.17 lakh sq ft warehouse in Panvel, Maharashtra, with Ascendas Panvel FTWZ Private Limited, a part of CapitaLand Group, for a five-year term. The lease, starting August 1, 2024, is set at INR 56.70 per sq ft per month, totaling INR 1.80 crore monthly (approx. USD 215,000), with a 5% escalation beginning June 2025. DHL has deposited INR 14.11 crore (approx. USD 1.7 million) as a security deposit. Advertisement
The warehouse is situated in the Ascent Free Trade and Warehousing Zone, strategically located near the upcoming Navi Mumbai airport, positioning it as a key logistics hub in the region. DHL operates over 21 million sq ft of warehousing space across India, serving more than 50,000 locations.
Earlier this year, Mahindra Logistics leased 2.97 lakh sq ft near Pune for INR 71.37 lakh per month, indicating rising demand for industrial space. According to Knight Frank India's half-yearly report, leasing volumes in India surged 42% year-on-year to 32.1 million sq ft across the top eight markets. Manufacturing-led demand increased 71% YoY, representing 45% of total transactions. The report also noted a shift toward Grade A facilities, which accounted for 63% of leased space, up from 54% last year.
Pan-India warehousing stock surpassed 500 million sq ft in the first half of 2025, with Grade A assets making up 75% of new supply. Vacancy rates fell from 13.1% to 12.1% as supply lagged demand. Mumbai led transaction volumes with 7.5 million sq ft, followed by Pune and Chennai, which grew 76% and 135% respectively, largely due to manufacturing sector uptake.
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