Nagpur: According to the India Warehousing 2023 Marketing report released by Knight Frank, Nagpur experienced a substantial leasing of warehouse space, totalling 0.63 million (6.3 lakh) square feet, during the financial year 2023. The report highlights that land prices in the outskirts of Nagpur have soared, with the highest rates observed in areas surrounding the Maharashtra Industrial Development Corporation (MIDC) and the Multimodal International Hub Airport at Nagpur (MIHAN). The price range for an acre of land in these areas varies from Rs 1.80 crore to Rs 2.4 crore.
MIHAN and MIDC emerged as the most sought-after locations in FY22, despite the higher rental costs. Grade A spaces in these areas commanded rentals ranging from Rs 194 to Rs 237 per square meter per month. Meanwhile, the Nimji-Kamleshwar belt offered Grade A spaces with rentals ranging from Rs 194 to Rs 215 per square meter per month, and the Ring Road belt provided Grade A spaces at rates ranging from Rs 129 to Rs 183 per square meter per month.
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04 April 2025
The Amravati-Kalmeshwar Road corridor witnessed land prices ranging from Rs 1.5 crore to Rs 2 crore per acre, with the lowest recorded rate at Rs 1 crore per acre. The Knight Frank report covered areas including Nagpur toll plaza, Nimji, Chinchbhuvan, Fetri Road, Lava, Hingna MIDC, and Khadgaon Road. Nagpur recorded a noteworthy growth of 26% in terms of new leased warehousing areas.
The retail sector emerged as the largest contributor, occupying 48% of the warehouse space, followed by the third-party logistics sector. In terms of percentage growth, Nagpur outpaced many other major cities. For instance, Mumbai experienced a 10% growth, adding 9.5 million square feet of warehouse space, while the National Capital Region (NCR) reported a negative growth rate of 5%.
Knight Frank also reported negative growth rates in cities such as Pune, Hyderabad, Chennai, and Ahmedabad. Compared to other smaller towns, Nagpur showcased a higher percentage growth rate. However, in absolute terms, cities like Lucknow, Guwahati, Visakhapatnam, Coimbatore, Ambala-Rajura, Bhubaneswar, and Patna added more new warehousing areas than Nagpur.
Rental rates in Nagpur ranged from Rs 129 to Rs 237 per square meter, as per the findings of the report. The data indicates the growing significance of Nagpur as a key destination for warehousing and logistics, driven by increased demand from various sectors and attractive infrastructure development in the region.
