The integrated logistics services provider has leased the warehousing facility in Karanje Emerald Industrial Park at monthly rental of Rs 1.15 crore. The agreement includes a clause to escalate rentals by 5% after every 12 months after the first 24 months.
The agreement has a lock-in period of the entire term of the lease. While the licence period will commence from January 3, rent payment will start from April 3. The Mahindra Group company has paid a security deposit equivalent of rentals of three months for the registration of the deal on January 20.
As per the lease agreement, the lease rentals will be payable exclusive of the Goods & Services Tax (GST), which will be borne by the tenant alone. The rentals are inclusive of common area maintenance charges. However, any utility or other charges will be solely attributable to the tenant, the agreement accessed through CRE Matrix said.
The Mahindra Group company has presence across all key markets in India and the latest deal will take the total portfolio to over 22 million sq ft making it one of the largest third-party logistics companies in the country.
“Mahindra Logistics currently manages over 22.1 million sq ft and is continually exploring and assessing new opportunities for growth… 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,” the company said.
The company, however, declined to comment on any specific financial deals.
India’s warehousing sector has been witnessing rapid growth, with third-party logistics (3PL) companies increasing their presence and operations in the last few years. The demand for warehousing space has risen due to factors such as higher e-commerce activity, changes in supply chain strategies, and the need for efficient storage and distribution networks.
The companies are leasing and developing warehouses in key locations to support various industries, including retail, automotive, pharmaceuticals, and consumer goods. The shift toward organized warehousing and the adoption of technology-driven solutions have also contributed to the expansion of logistics operations across different regions.