Mahindra Logistics leases 4.75 Lakh Sqft in Pune's Khed for Rs 730 mn

10 Feb 2025 CW Team

Mahindra Logistics (MLL) has secured a lease for 4.75 lakh sq ft of warehousing and logistics space in Khed, Pune, for approximately Rs 730 million over five years. The property is situated in Karanje Emerald Industrial Park and the lease agreement was formalised on January 20, 2025, with Karanje Emerald Logistics Park as the lessor.

The leasing transaction includes a security deposit of Rs 30.45 million, a stamp duty payment exceeding Rs 1.8 million, and a registration fee of Rs 1,000. The agreed-upon monthly rent for the initial 24 months is Rs 10.15 million, with an annual escalation clause. The lease comes with a five-year lock-in period, and rent payments are scheduled to commence on April 3, 2025.

Mahindra Logistics continues to expand its warehousing footprint, having previously announced an investment of Rs 1.70 billion for a facility in Phaltan, near Pune. The company currently manages over 22.1 million sq ft of logistics space and is actively exploring opportunities for further growth in the sector.

The demand for warehousing and logistics spaces remains strong across major Indian cities. According to a report by Cushman & Wakefield, logistics and industrial (L&I) space leasing is expected to reach 50-53 million square feet in 2024, driven by sustained demand. In 2023, L&I leasing activity stood at 53.57 million sq ft across major hubs such as Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, Pune, and Ahmedabad. By October 2024, leasing volumes had already exceeded 41 million sq ft in these key real estate markets.

News source: Hindustan Times

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