DHL renews lease for 3.17 lakh sq ft of warehousing space in Panvel

DHL has signed a five-year lease for 3.17 lakh sq ft of warehousing space in CapitaLand's Panvel facility at a monthly rent of Rs 1.8 crore, highlighting logistics demand in India

DHL Logistics has renewed its lease for a warehousing space of 3.17 lakh square feet in Panvel, part of the Mumbai Metropolitan Region (MMR), for a monthly rent of ₹1.8 crore in an asset owned by CapitaLand India Trust.

 

According to lease-related documents accessed via Propstack, a real estate data analytics firm, DHL has leased the space for another five years with an annual rent escalation component of 5 per cent. DHL will be paying a rent of ₹56.7 per square foot per month initially.

 

The lease started on August 1, 2024, but was registered in August 2025. DHL has paid a deposit of ₹14.11 crore for the space. DHL Group operates in more than 50,000 locations and has over 21 million square feet in warehousing operations in India.

 

The space is located in the Ascent Free Trade Warehousing Zone (FTWZ), owned and operated by CapitaLand India Trust (CLINT). CLINT was listed on the Singapore Exchange Securities Trading Limited in August 2007 as the first Indian property trust in Asia.

 

The FTWZ is spread over 30 acres, catering to western India. Located on the outskirts of Mumbai, the FTWZ is 24 kilometres from Jawaharlal Nehru Port Trust, India’s largest container port. Ascent FTWZ at Panvel provides access to the western hinterland.

 

The Indian warehousing segment has been booming amid demand from e-commerce and third-party logistics (3PL) players.

 

According to Vestian, the warehousing and logistics sector recorded an absorption of 18.9 million square feet (msf) in the first half of 2025 (H1 2025), registering an increase of 14 per cent over H1 2024 and 22 per cent compared to H1 2023.

 

Following the same trend from the past couple of years, the sector is expected to witness significant absorption in the second half of 2025, supported by rising demand, robust infrastructure upgrades, and integration of technology to optimise costs by streamlining logistics operations. Several public and private entities are setting up multi-modal logistics parks to fulfil this growing demand for grade-A warehouses.