Indospace leases 1.2 lakh sq ft warehousing space in Pune for ₹46 lakh monthly rent
Pune real estate: Indospace has leased a warehousing space to a manufacturing company Steelcase Asia Pacific Holdings in its industrial park in the city
Indospace has leased 1.27 lakh sq ft of warehousing space to manufacturing company Steelcase Asia Pacific Holdings in Pune for ₹46.42 lakh per month rent, according to documents accessed by Propstack.
The space is located in Indospace Industrial Park, and the lease commenced on January 29, the document showed.
The two units were leased at ₹36.37 per sq ft per month for five years. The company paid a six-month deposit of ₹2.78 crore. The rent will be increased by 5% every year, the document showed.
Email queries have been sent to Indospace and Steelcase. The copy will be updated if a response is received.
Also Read: Top 4 industrial and logistics space leasing deals in India's real estate market
Major warehousing leases in India
Recently, in one of the largest warehousing and industrial logistics leasing deals, IndoSpace had leased over seven lakh sq ft to RenewSys India Pvt Ltd, a solar photovoltaic module manufacturer, in Khalapur near Mumbai for 10 years, with a monthly rent of ₹1.43 crore.
Mahindra Logistics Limited in January 2025 had 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. The 4.75 lakh sq ft of built-up space is located in Karanje Emerald Industrial Park in Khed, Pune.
In March, Malpani Group announced that it had inked a 10-year deal with Tata Autocomp Katcon Exhaust Systems Pvt Ltd to lease 77,800 sq ft of space in Malpani Industrial and Logistics Park in the industrial hub of Chakan, near Pune, for around ₹40 crore. The company has signed a 10-year lease deal with Tata, marking its second agreement with Tata.
Last year in October, Hindustan Unilever Limited (HUL) leased out 5.93 lakh sq ft of warehousing space in Bhiwandi near Mumbai at an initial monthly rent of ₹1.54 crore. The documents showed that Hindustan Unilever leased the land for seven years, with a provision for a rental escalation of 5% every year.
India’s industrial and logistics real estate sector saw strong growth in Q1 2025, with absorption reaching 16.0 million sq ft, an 18.5% Y-o-Y increase from 13.5 million sq ft in Q1 2024, according to Savills India, a real estate advisory firm. Tier-I cities accounted for 79% of this absorption, while Tier-II and Tier-III cities contributed 21%.
Delhi-NCR led with 3.4 mn sq. ft. (22%), followed by Mumbai at 2.5 mn sq. ft. (16%), and Pune at 2.3 mn sq. ft. (14%), the report added.
