A warehouse space totaling 253,421 square feet has been leased by Zomato Hyperpure. The warehouse is situated in Palava, which is a part of the Mumbai metropolitan area (MMR), near Lodha Industrial and Logistics Park. The lease will start on February 15, 2025, and last for five years. The facility would be rented for more than Rs 85.3 lakh per month by Zomato Hyperpure, a business-to-business (B2B) platform for kitchen solutions established by the restaurant aggregator Zomato, with a 5% annual rent increase. The rent will increase to Rs 1.04 crore per month by the fifth year. A four-month rent security deposit has already been given by the business.
Over 6.5 million square feet of warehouse and industrial parks are presently being developed by the Lodha Industrial and Logistics Park (LILP) throughout the Delhi National Capital Region (NCR), Chennai, and MMR. In the upcoming five years, it intends to greatly expand its business.
According to property expert Knight Frank India, the demand for and prices of warehousing have increased in India’s top eight cities, and the tenant base has become more diverse. 37.5 million square feet of warehouse space were leased between January and September 2024, representing a 4% year-over-year (Y-o-Y) growth. The average warehouse rent in these cities increased by 2.5% in the third quarter of 2024.
