Warehouse leasing increases by 8% year-on-year
Warehouse space take up during H1 2024 witnessed an absorption of 16.6 Mn sq ft, an increase of 8% over the same period a year ago.
ET Guide to ITR
Missed ITR deadline: These people won't pay penalty
How to file ITR after July 31 deadline?
What is the penalty for filing ITR after the July 31 deadline
However, the space take up reduced by 26% when compared to H2 2023. The reduction could be attributed to a significant dip of 74% in NCR’s absorption.
Mumbai and Pune together accounted for 63% of the total absorption in H1 2024, followed by southern cities (Bengaluru, Chennai and Hyderabad) at 29%.
Mumbai’s share saw an increase from 25% in H1 2023 to 41% in H1 2024, the growth can be attributed to an increase in demand for grade-A warehouses in areas such as Bhiwandi, Panvel, Uran, Taloja, and Ambernath. NCR witnessed a significant decline in its share from 31% to 6% in the same period. Furthermore, Chennai reported absorption of 1.5 Mn sq ft in H1 2024, registering an increase of 191% over H1 2023 due to the low base effect.
3PL (3rd Party Logistics) companies dominated absorption with 39% share in H1 2024. The share has increased from 26% in H1 2023. Similarly, the share of Engineering & Manufacturing and Automobiles & Auto Components sectors also saw an increase from 16% and 4% in H1 2023 to 22% and 9% in H1 2024, respectively.
The sector received investments worth USD 1.6 Bn in H1 2024, accounting for 42% of the total institutional investment received in the real estate sector. As major economies of the world
