Renewsys India leases over 7 lakh sq ft industrial space near Mumbai for ₹1.43 crore monthly
Renewsys India has leased three industrial units from special purpose vehicles (SPVs) sponsored by IndoSpace, near Mumbai for 10 years
In one of the largest logistics and warehousing deals transacted this year, Renewsys India Pvt Ltd, a solar photovoltaic module manufacturer, has leased more than 7 lakh sq ft of industrial space in Khalapur near Mumbai for a 10-year period, with a monthly rent of ₹1.43 crore from IndoSpace, as per property registration documents accessed by CRE Matrix.
The space has been taken from Indran Logistics Park Pvt Ltd and Ikshita Logistics Park Pvt Ltd in three separate units. As per ICRA, Indran Logistics Park Private Limited (Indran) and Ikshita Logistics Park Private Limited (Ikshita), are special purpose vehicles (SPVs) sponsored by the IndoSpace network (IndoSpace).
The documents show that the first unit, measuring 1.32 lakh sq ft, was leased at ₹27.14 lakh per month. The second unit, measuring 2.23 lakh sq ft, was leased at ₹45.90 lakh per month, and the third unit, measuring 3.45 lakh sq ft, was rented at ₹70.73 lakh per month.
The security deposit for the three units is over ₹5.73 crore, the documents showed.
They showed that the transaction was registered on March 31, 2025, for which a stamp duty of ₹2.16 crore was paid, and registration fees of ₹90,000 were charged.
The documents showed that the three units were leased for a 10-year period with a five-year lock-in. The agreement includes a 15% rent escalation after 36 months, followed by annual increases every five years.
According to RenewSys India Pvt Ltd's website, it is the first integrated manufacturer of Solar PV Modules and key components - Encapsulants, Backsheets, and Solar PV Cells.
An email query was sent to RenewSys India Pvt Ltd, Indra Logistics Park Pvt Ltd, and Ikshita Logistics Park Pvt Ltd did not receive a response. The copy will be updated if a response is received.
Lease transactions in the industrial and logistics segment
Mahindra Logistics Limited in February 2025 leased 4.75 lakh sq ft of warehousing and logistics space in Khed near Pune for a rent of around ₹73 crore over five years, according to the property registration documents accessed by CRE Matrix.
Hindustan Unilever Limited (HUL) was in the news in October 2025, for having leased 5.93 lakh sq ft of warehousing space in Bhiwandi near Mumbai at an initial monthly rent of ₹1.54 crore rent, according to property registration documents accessed by Propstack.
Leasing logistics and industrial (L&I) spaces are set to reach 50-53 million sq feet in 2024 across eight major cities on sustained demand, according to a report by Cushman & Wakefield in December 2024.
Also Read: Demand for logistics, industrial spaces to touch 50-53 million sq ft in 2024: Report
The leasing of L&I spaces stood at 53.57 million square feet across Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad, the report said.
