Rs 1.2 cr monthly rent! Mahindra Logistics inks 5-yr pact for Pune facility

Mahindra Logistics Limited has leased 4.75 lakh sq ft of warehousing and logistics space in Khed near Pune for a rent of around Rs 73 crore over five years, according to the property registration docu

Mahindra Logistics, the third-party logistics (3PL) solutions arm of the Mahindra Group, has inked a five-year leasing pact for nearly half a million sq ft warehousing space in Pune’s Khed locality for a monthly rent of Rs 1.15 crore, according to documents accessed CRE Matrix - a real estate data analytics firm.

 

The Mahindra arm has secured the prime leasing agreement in Pune with Karanje Emerald Logistics Park Pvt Ltd for a newly developed logistics space in the Karanje Emerald Industrial Park, located in Village Karanje Vihire, Khed, Pune.  The agreement, for which Mahindra Logistics paid a security deposit of Rs 3.45 crore, will see the company occupy a built-up area of 4,75,742 square feet, with a monthly rent of approximately Rs 1.15 crore.  

According to the documents, the security deposit for the transaction is Rs 3.45 crore, and a stamp duty of over Rs 18 lakh was paid along with a Rs 1,000 registration fee.

 

   

This lease marks a significant milestone for Mahindra Logistics, as the company expands its footprint in the growing logistics and warehousing sector in Pune. The premises, which are located in one of the most sought-after industrial zones in the region, are expected to play a key role in supporting the company’s operations in the area.

 

The lease agreement stipulates a 5-year license period, with the license commencement date set for January 3, 2025. Rent for the premises will begin on April 3, 2025, offering a strategic timeline for Mahindra Logistics to set up its operations. Additionally, the agreement includes a lock-in period of five years.

 

One of the key features of the agreement is that the rent will remain the same for the first two years, after that there will be an annual rent escalation of 5%, which will be applied every year, providing a built-in adjustment for inflation and operational costs over the lease period.

 

With a substantial built-up area and prime location, the new lease is expected to boost Mahindra Logistics’ operational efficiency. 

"Mahindra Logistics currently manages over 22.1 million Sq. ft. and is continually exploring and assessing new opportunities for growth. As per policy, we do not comment on any specific financial deals," Mahindra Logistics said in a statement. 

 

In 2024, Mahindra Logistics Limited (MLL) said it would invest Rs 170 crore in a warehouse facility near Pune in an area called Phaltan.