The industrial and warehousing sector across eight real estate markets in India surpassed 549 million sq ft in 2025, up 13% from 486 million sq ft in 2024, according to Knight Frank India. Mumbai led with 170 million sq ft, followed by NCR at 115 million sq ft, making them the largest contributors to the total stock as of December 31, 2025.
“The eight cities collectively hold 256 mn sq ft of potential space within established warehousing parks, more than three times the annual transaction volumes recorded in 2025, providing adequate capacity to support near-term demand expansion,” the report said.
The eight cities are Mumbai, NCR, Bengaluru, Chennai, Ahmedabad, Pune, Kolkata and Hyderabad.
Mumbai leads warehousing stock
Knight Frank said that Mumbai continues to dominate the market, accounting for 31% of the total stock with 170 million sq ft in 2025, up 12.5% year-on-year.
“Mumbai remains one of India’s most important warehousing markets, supported by its large consumption base, port-led trade activity and extensive logistics infrastructure. Demand continues to be driven by 3PL, manufacturing, FMCG and retail occupiers, with the Bhiwandi and Panvel clusters forming the backbone of the city’s warehousing ecosystem,” it said.
The National Capital Region (NCR) emerged as the second-largest market, contributing 21% of the total stock with 115 million sq ft in 2025, growing 11.65% annually.
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“Driven by renewed demand from diverse industries and a combination of superior inter-state connectivity, proximity to large-scale manufacturing bases, and sustained industrialisation, NCR has firmly positioned itself as one of India’s most preferred warehousing destinations in the country,” the report said.
Bengaluru saw a sharp rise to 60 million sq ft in 2025 from 48 million sq ft last year, while Pune recorded strong growth to 44 million sq ft from 33 million sq ft.
Chennai’s stock rose to 47 million sq ft in 2025 from 45 million sq ft in 2024, while Ahmedabad increased to 45 million sq ft from 42 million sq ft and Kolkata to 42 million sq ft from 40 million sq ft. Hyderabad also grew to 27 million sq ft in 2025 from 24 million sq ft, taking total inventory to 549 million sq ft from 486 million sq ft in 2024, the report said.
