Mahindra Logistics leases 4.75 lakh sq ft warehouse in West Bengal for 9.9 years at over ₹135 crore rent

KOLKATA : Mahindra Logistics Limited has leased a 4.75 lakh sq ft warehouse near Kolkata for 9.9 years at a total rent of over ₹135 crore, according to documents accessed by Propstack.

The warehousing space is located in Shubharara village, Howrah district, West Bengal. The warehouse, owned by ANJY Properties LLP, has been taken on a fresh lease that commenced on April 1, 2025.

The lease covers a total chargeable area of 4,74,354 sq ft, with Mahindra Logistics paying a monthly rent of ₹20.6 per sq ft, which amounts to approximately ₹97.72 lakh each month.

According to the agreement, the lease is structured for a term of 9 years and 9 months.

The rent will increase by 4% annually, ensuring a gradual rise over the lease period. Additionally, the tenant has provided a security deposit of ₹2.93 crore, as specified in the lease documents.

The facility will serve as a key logistics hub for Mahindra Logistics in eastern India, thereby enhancing its warehousing and distribution capacity in the region, according to experts. A list of questions has been sent to Mahindra Logistics Limited and ANJY Properties LLP. The story will be updated if a response is received.

Previous transactions
In June 2025, Mahindra Logistics Limited 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.

The property covers a built-up area of approximately 2.70 lakh square feet, with a chargeable area of 297,400 square feet. The lease has been signed for a tenure of 60 months (five years), with a monthly rental of ₹71.37 lakh, translating to ₹24 per square foot per month, documents show.

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

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, commencing on August 1, 2024, is at a rent of ₹56.70 per square foot per month, as per the documents.

In September 2024, Sumadhura Group leased a 1.8 lakh-square-feet warehousing space for nine years to global logistics company NX Logistics India (Nippon Express) at Sumadhura Logistics Park in Bengaluru.

The facility is a part of the first phase of development of Sumadhura Logistics Parks, spanning 2.5 million square feet of commercial warehousing space on a 100-acre land parcel in Hoskote town. It entails an investment of ₹600 crore, the company said.

Warehousing leasing across India
India’s warehousing leasing stood at 16.7 million square feet across the top eight cities in the first quarter of 2025. The leasing volume grew by 50% year over year, according to a report released by Knight Frank India, a real estate consultancy.

Mumbai led with 27% of the total transacted volumes at 4.4 million square feet, followed by Pune at 2.9 million square feet, Chennai at 2.9 million square feet, and the Delhi NCR region at 2.7 million square feet.

Further, Bengaluru reported leasing of 1.4 million sq ft, Hyderabad 1.2 million sq ft, Ahmedabad 1 million sq ft, and Kolkata 0.7 million sq ft.

Source : HT