DHL Logistics renews 3.17 lakh sq ft warehouse lease in Panvel near Mumbai at ₹1.8 crore per month

DHL Logistics has renewed its lease for a 3.17 lakh sq ft warehouse space in Panvel, as the area becomes a logistics hub near the upcoming Navi Mumbai airport

DHL Logistics Private Limited has renewed its lease for 3.17 lakh sq ft of warehousing space in Panvel, near Mumbai, from Ascendas Panvel FTWZ Private Limited (CapitaLand) for five years, at a rent of ₹1.80 crore per month, according to documents accessed by Propstack.

DHL Logistics Private Limited has renewed the lease of 3.17 lakh sq ft warehousing space in Panvel near Mumbai from Ascendas Panvel FTWZ Private Limited. (Photo for representational purposes only) (Unsplash)

Located near the upcoming airport, Panvel is increasingly becoming a key logistics hub.

The logistics and supply chain giant has renewed its lease at the Ascent Free Trade and Warehousing Zone, developed by Ascendas Panvel FTWZ, part of the CapitaLand Group. The lease, starting August 1, 2024, is at a rent of ₹56.70 per sq ft per month, according to the documents.

The lease comes with a 5% escalation from June 2025, they showed.

The company has deposited Rs. 14.11 crore as security deposit, the documents showed.

DHL Group serves more than 50,000 locations and has over 21 million square feet in warehousing operations in India.

DHL and CapitaLand Group declined to comment.

Earlier this year, Mahindra Logistics Limited had leased 2.97 lakh square feet of industrial space near Pune for a monthly rent of ₹71.37 lakh for a period of five years, according to property registration documents accessed by Propstack.

Knight Frank India, a leading international property consultancy, in its half yearly report, India Warehousing Market Report, said there was a 42% YoY surge in leasing volumes to 32.1 million square feet (mn sq ft) across the top eight 1 markets. This sharp rise in demand was led by the manufacturing sector, which saw a 71% YoY growth in space uptake, accounting for 45% of the total transactions.

The report highlights the expanding role of India as a resilient, consumption-led, and manufacturing-driven economy whose industrial and warehousing market is benefiting from global trade realignments, government-led infrastructure and PLI investments. The increasing focus on higher grade facilities is also apparent transaction volumes reflect this shift as 63% of leased space was Grade A, up from 54% a year ago.

Pan-India stock exceeded 500 mn sq ft in H1 2025, with Grade A assets constituting 75% of new supply; vacancy dropped from 13.1% to 12.1% as supply lagged demand, the report said.

As far as transaction volumes are concerned, Mumbai led with 7.5 mn sq ft, up 63% YoY. Pune and Chennai registered 76% and 135% growth respectively, led by strong manufacturing uptake.