Hindustan Unilever Limited (HUL) has leased out 5.93 lakh sq ft of warehousing space in Bhiwandi near Mumbai at an initial monthly rent of ₹1.54 crore rent, according to property registration documents accessed by Propstack.
Bhiwandi located near Mumbai is a warehousing hub where several companies, including e-commerce firms, have either leased or bought space. The Bhiwandi micro market has gained prominence as the 700-km-long Mumbai Nagpur Expressway is expected to be operational in the next few months.
The land has been leased by Hindustan Unilever for a period of seven years and comes with a provision for rental escalation of 5% every year, the documents showed.
The security deposit for the transaction that was registered on October 7 is equivalent to a monthly rental of six months, the documents showed.
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A stamp duty of ₹1.73 crore along with registration fees of ₹30,000 was paid for the transaction, the agreement to lease showed.
The proposed lessee (Hindustan Unilever) is a consumer goods company engaged in the business of manufacture, marketing, distribution and sale of soaps, detergents, cosmetics, food beverages. The company is desirous of taking a warehouse premises for conducting its business, the agreement showed.
An email query has been sent to HUL. The story will be updated if or when a response is received.
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Industrial and logistics leasing
Industrial and logistics leasing across the top eight markets moderated to 16.6 million square feet during the first two quarters of 2024. Bengaluru, Delhi-NCR and Kolkata accounted for nearly 58% of the overall space take-up during the period, according to a recent report of CBRE India, a real estate consultancy firm.
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Simultaneously, new supply decreased by 16% to 15.5 million square feet during H1 2024, with Chennai, Bengaluru, and Mumbai contributing 57% of the total supply. Incidentally, large developers, backed by institutional investors, accounted for about 33% of this supply, the report said.
The third-party logistics segment accounted for 40% of overall leasing across the eight cities, followed by engineering and manufacturing firms with an 18% share and FMCG segment at 10%, it said.
