Mahindra Logistics Limited (MLL) has leased a 475,000 sq ft warehouse in Shubharara village, Howrah district, West Bengal, for a 9.9-year period at a total rental value of over Rs 1.35 billion, according to documents accessed by Propstack.

The warehouse, owned by ANJY Properties LLP, was taken on a fresh lease effective from 1 April 2025. The agreement specifies a monthly rent of Rs 20.6 per sq ft, amounting to approximately Rs 9.77 million per month.

Under the lease terms, Mahindra Logistics has provided a security deposit of Rs 29.3 million, and the rent will increase by 4 per cent annually throughout the tenure.

The warehouse will serve as a key logistics hub for eastern India, enhancing the company’s distribution and warehousing capacity in the region, industry experts noted.

This marks Mahindra Logistics’ second major leasing deal in 2025. In June, the company leased 297,000 sq ft of industrial space near Pune for a five-year term at a monthly rent of Rs 7.14 million, translating to Rs 24 per sq ft.

The surge in leasing activity reflects the broader momentum in India’s warehousing market, which reached 16.7 million sq ft across the top eight cities in Q1 2025, a 50 per cent year-on-year rise, according to Knight Frank India.

Among the top markets, Mumbai led with 4.4 million sq ft (27 per cent of total leasing), followed by Pune and Chennai (2.9 million sq ft each) and Delhi NCR (2.7 million sq ft). Bengaluru, Hyderabad, Ahmedabad, and Kolkata accounted for the remaining transactions.

In a related development, DHL Logistics Pvt Ltd renewed its lease for 317,000 sq ft of warehousing space in Panvel, near Mumbai, for five years at a monthly rent of Rs 18 million, while Sumadhura Group leased 180,000 sq ft to NX Logistics India (Nippon Express) in Bengaluru’s Hoskote as part of a Rs 6 billion logistics park project.

The continued uptick in large-scale leases indicates robust occupier demand and expanding infrastructure investment across India’s logistics and warehousing sector.