Hindustan Unilever Ltd (HUL) has leased 5.93 lakh sq ft of warehousing space in Bhiwandi, near Mumbai, at a monthly rent of Rs 1.54 crore, as per property registration documents accessed by Propstack.
Bhiwandi which is a prominent warehousing hub, has seen several companies, including e-commerce firms, securing space due to its strategic location. The area’s significance is further boosted by the upcoming 700-km Mumbai-Nagpur Expressway, expected to be operational soon.
The lease agreement, registered on October 7, covers a seven-year period with a 5 per cent annual rental escalation clause. HUL also paid a security deposit equivalent to six months’ rent. Also, a stamp duty of Rs 1.73 crore and a registration fee of Rs 30,000 were paid for the transaction.
This leasing move is part of HUL’s strategy to enhance its logistics and distribution capabilities for its range of consumer goods, including soaps, detergents, and cosmetics.
The industrial and logistics leasing market in India saw a slowdown during the first half of 2024, with 16.6 million sq ft of space leased across top markets, including Bengaluru and Mumbai, according to a CBRE India report.