DHL renews 3.17 Lakh sq ft warehouse lease in Panvel

DHL Logistics has extended its lease for a 3.17 lakh sq ft warehouse in Panvel, within the Mumbai Metropolitan Region (MMR), at a monthly rent of ₹1.8 crore. The facility is part of the Ascent Free Trade Warehousing Zone (FTWZ), owned by CapitaLand India Trust (CLINT).

Documents filed with Propstack, a real estate data platform, show that the lease renewal runs for five years, with an annual escalation of 5%. DHL will initially pay ₹56.7 per sq ft per month and has deposited ₹14.11 crore as security. While the lease commenced on August 1, 2024, it was formally registered in August 2025.

DHL Group, which operates across more than 50,000 locations globally, manages over 21 million sq ft of warehousing space in India. The Panvel facility adds to its expansive domestic network.

CLINT, listed on the Singapore Exchange in 2007 as Asia’s first India-focused property trust, owns and operates the FTWZ, which spans 30 acres. Strategically positioned 24 km from Jawaharlal Nehru Port Trust (JNPT), India’s largest container gateway, the zone serves as a key logistics hub for western India’s hinterland.

The deal comes amid strong momentum in the warehousing sector. According to Vestian, India recorded 18.9 million sq ft of logistics space absorption in the first half of 2025—up 14% year-on-year and 22% compared with H1 2023. Demand is expected to remain robust in the second half of the year, driven by infrastructure expansion, technology-led efficiency gains, and the rollout of multimodal logistics parks.