Gurugram warehousing has moved west, and the rent card has not caught up

Why the belt moved

Udyog Vihar and the older industrial pockets inside the city were built for a different kind of occupier. Modern warehousing needs 12-metre clear heights, wide docking aprons and trailer turning circles, and there is no room to build that inside the city envelope.

Where it went

IMT Manesar and the parcels off Pataudi Road have the plot depth for it, and they sit close enough to the expressway that the drive-time penalty against an in-city facility is smaller than the land-basis saving.

What the rent card misses

Asking rents on the newer stock are quoted against built-up area while older sheds quote on carpet, which flatters the old stock in a side-by-side comparison. Normalise the basis before concluding anything about the difference.

What to underwrite

Forward supply on this stretch is building. If your case depends on rent growth rather than on the operational saving, tighten the assumption.