Mahindra Logistics Limited has leased 4.75 lakh sq ft of warehousing and logistics space in Khed near Pune for a rent of around ₹73 crore over five years, according to the property registration documents accessed by CRE Matrix.
According to the documents, the 4.75 lakh sq ft of built-up space is located in Karanje Emerald Industrial Park in Khed, Pune.
The space was taken on rent from Karanje Emerald Logistics Park Pvt Ltd, for which the transaction was registered on January 20, 2025.
According to the documents, the security deposit for the transaction is ₹3.45 crore, and a stamp duty of over ₹18 lakh was paid along with a ₹1,000 registration fee.
According to the documents, the monthly rent for the first 24 months is ₹1.15 crore, along with an annual escalation clause. The lock-in period for the transaction is five years.
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The rent payment commencement date is April 3, 2025.
Mahindra Logistics Ltd in an email response to HT.com said, “Mahindra Logistics currently manages over 22.1 mn Sq. ft. and is continually exploring and assessing new opportunities for growth. As per policy, we do not comment on any specific financial deals. Our focus remains on delivering exceptional value to our customers and stakeholders, driving innovation, and solidifying our position as a leader in providing integrated solutions in logistics,”
While Karanji Emerald Logistics Park Pvt Ltd could not be reached for comment.
Mahindra Logistics Limited (MLL) announced last year that it would invest ₹170 crore in a warehousing facility in Phaltan, near Pune.
Warehousing and logistics leasing
According to a report by Cushman & Wakefield, on sustained demand, logistics and industrial (L&I) space leasing is set to reach 50-53 million square feet in eight major cities in 2024.
Also Read: Demand for logistics, industrial spaces to touch 50-53 million sq ft in 2024: Report
The leasing of L&I spaces stood at 53.57 million square feet across Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. The report said that as of October 2024, the leasing volume has already surpassed 41 million sq feet across the top real estate markets.