By Arosh John, Founder, John Real Estate (MahaRERA Reg. No. A51700001835) | Editor-in-Chief, Thane Real Estate News (TREN)
Thane–MMR | January 2026
“Mumbai’s warehousing market is often discussed through one headline metric: rent per sq ft. In 2026, lease tenure and lock-in are proving just as important when reading tenant intent.”
This shift is not cosmetic. When an occupier signs longer tenures, stronger lock-ins, and structured escalations, it usually signals one thing: they are building supply-chain muscle around that location.
Inside MMR, two clusters are setting the tempo—Panvel and Bhiwandi—but they are not competing for the same “job.” They are becoming two different engines of the same logistics system.
The New Signal: Commitment Beats Convenience
In warehousing, rent per sq ft is a starting point. However, deal structure tells you the real story:
- Tenure (how long the tenant stays)
- Lock-In (how serious the commitment is)
- Escalation Pattern (how predictable the cash flow becomes)
- Rent-Free / Fit-Out Windows (how the move-in is engineered)
- Deposit Levels (how strongly the tenant is backing the deal)
A short lease can be tactical. A long lease is strategic.
Panvel: The Gateway Node (Trade-Linked + Institutional Logistics)
Panvel’s advantage is not “lower rent.” Panvel’s advantage is gateway logic—a cluster that fits long-horizon, institutional-grade supply chains.
Deal Snapshot: Panvel Is Attracting Long-Horizon Structuring
Adani Logistics → DMart (Avenue Supermarts)
- Area: 66,250 sq ft
- Tenure: 28 years
- Lock-In: 6 years
- Starting Rent: ~₹20.2 lakh per month
- Escalation: 12% every 3 years
This is not how a tenant structures a “trial” location. This is how a tenant locks a distribution node into its long-term operating plan.
Deal Snapshot: Panvel Also Rewards Global-Network Behaviour
DHL Logistics Renewal (Panvel FTWZ Ecosystem)
- Area: ~3.17 lakh sq ft (317,000 sq ft)
- Tenure (Renewal): 5 years
- Reported Rent: ~₹1.80 crore per month
- Escalation: 5% (as reported in lease terms)
What Panvel Is Becoming: a gateway spine—where lease structures start looking like infrastructure decisions: longer, more formal, and more predictable.
Bhiwandi: The Consumption Engine (Fulfilment + High-Frequency Replenishment)
Bhiwandi’s strength is different. It is built to serve dense demand quickly across the Mumbai–Thane–Navi Mumbai belt. That is why it consistently attracts large-format commitments from food-tech supply chains, 3PL players, and high-velocity distribution networks.
Deal Snapshot: Bhiwandi Is Scaling Central Warehousing Through Mega Consolidation
Zomato Hyperpure (Mega Distribution Centre)
- Area: ~5.53 lakh sq ft
- Tenure: ~4 years 7 months
- Reported Rent: ~₹1.71 crore per month (≈₹31 per sq ft/month)
- Lock-In: 48 months (as reported)
This confirms a clear trend: large operators are moving from scattered “small hubs” to massive consolidation centres that improve inventory control, reduce replenishment friction, and tighten service reliability.
Deal Snapshot: Bhiwandi Is Also Supporting Phased Ramp-Up Models
Zomato Hyperpure (Second Large Facility, Rent Commencement Structured)
- Area: ~2.5 lakh sq ft
- Tenure: 5 years
- Lease Start: August 2025 (as reported)
- Rent Commencement: March 2026 (fit-out window)
- Reported Rent: ~₹26.85 per sq ft/month (from commencement)
- Escalation: 5% annually
This is a more operations-first structure: secure the space early, build the backend, and start paying rent once the facility is ready to perform.
Deal Snapshot: Bhiwandi Remains A Serious 3PL Base
DHL Supply Chain – Bhiwandi Lease
- Area: ~4.17 lakh sq ft
- Tenure: 36 months
- Reported Rent: ~₹22 per sq ft/month (starting)
Deal Snapshot: Quick Commerce Uses Smaller Pods Too
Swiggy-Owned Scootsy Logistics – Bhiwandi Warehousing
- Area: ~1.21 lakh sq ft
- Reported Rent: ~₹19.98 lakh per month
- Tenure: 2 years (as reported)
The insight here is important: quick commerce is not only about one mega box. It is often a network—smaller pods plus replenishment loops—and Bhiwandi remains critical for that velocity.
What Bhiwandi Is Becoming: MMR’s distribution belly—optimised for speed-to-consumption, scalable fulfilment, and high-frequency replenishment.
Panvel vs Bhiwandi: The Real Difference (In One Clean Read)
This is the simplest way to map it:
- Panvel wins when the supply chain is gateway-led (trade-linked, long-horizon, institutional leasing behaviour).
- Bhiwandi wins when the supply chain is consumption-led (fulfilment-led, frequency-driven distribution into dense demand).
So the real answer is not “Panvel or Bhiwandi.” Increasingly, it is Panvel and Bhiwandi, each chosen for a different logistics role.
The Investor Lens: Stop Underwriting Only Rent
Rent per sq ft is still important. However, for serious underwriting, these matter just as much:
- Lock-In Strength (vacancy risk)
- Escalation Schedule (income curve)
- Tenant Intent (automation and capex typically follow longer commitments)
- Rent Commencement And Rent-Free Periods (actual cash flow timing)
- Counterparty Quality (operational reliability over time)
In 2026, the fastest way to understand where MMR logistics is headed is simple:
follow the long-lease paper.
About The Author
Arosh John is the Founder of John Real Estate (MahaRERA Reg. No. A51700001835) and Editor-in-Chief of Thane Real Estate News (TREN). A realtor with 10+ years of on-ground experience in Thane and the wider MMR, Arosh is widely followed for real estate market news, infrastructure-led micro-market updates, and transaction-backed insights. He specialises in premium resale transactions, luxury villa advisory, and high-value residential deal execution, with a strong focus on documentation discipline, risk clarity, and market-correct pricing. Arosh additionally provides NRI real estate advisory for Thane–MMR, supporting overseas clients with compliance-first decision-making and local execution support.
Disclaimer
This article is for information and market education only. It does not constitute legal, tax, or investment advice. Readers should verify approvals, documentation, and transaction terms independently and consult qualified professionals before acting on any information.
