Versigent leases nearly 3 lakh sq ft of industrial space in Chennai for 10 years

Versigent India Private Limited has leased nearly 3 lakh sq ft of industrial space in Chennai for 10 years at a monthly rent of ₹1.08 crore

Published on: Oct 27, 2026, 23:24:28 IST

By Vandana Ramnani

Prefer HTon Google

Share via

Copy link

Versigent India Private Limited has leased 2.91 lakh sq ft of industrial space at IndoSpace Industrial Park Vallam in Chennai for 10 years at a monthly rent of ₹1.08 crore, according to documents accessed by Propstack.

Versigent India Private Limited has leased 2.91 lakh sq ft of industrial space at IndoSpace Industrial Park Vallam in Chennai for 10 years (Photo for representational purposes only) (Pixabay)

The lease will commence on April 1, 2027, at a rental rate of ₹37 per sq ft per month. The company has paid a security deposit of ₹6.48 crore, with a 15% rental escalation every three years, the documents showed.

The lease agreement also provides for a green initiative involving solar power installations at the lessee’s request. The lessor will enter into separate contracts with the relevant service providers for implementation, the documents showed.

Versigent PLC designs, manufactures and distributes low- and high-voltage electrical architectures, signal solutions and electric vehicle charging systems. Its products serve industrial and mobility applications.

The lease gives the company access to a sizeable industrial facility within an organised industrial park in Chennai. Versigent could not be reached for comment.

Chennai is one of India’s established manufacturing hubs. IndoSpace develops and operates industrial and logistics parks across India.

Also Read: LuLu Group plans ₹2,500-crore investment, targets 25 outlets across Delhi-NCR by 2030

Demand for industrial and warehousing space in India

According to a Colliers India report, demand for industrial and warehousing space remained strong across India’s top eight cities during the first nine months of 2026. Grade A leasing reached 33.3 million sq ft, a 26% year-on-year increase. Delhi-NCR and Chennai together accounted for nearly half of the total demand during the period.

In the third quarter of 2026, industrial and warehousing space uptake exceeded 11 million sq ft, marking a 63% year-on-year increase and the highest quarterly leasing activity in recent years, the report said. The sector maintained its momentum despite renewed tensions in West Asia, supply chain disruptions, and trade realignments.

Also Read: Tamil Nadu eases building norms, raises non-high rise height limit to 19.5 metres; revised rules may unlock office space in central Chennai

ABOUT THE AUTHOR
Vandana Ramnani
Vandana Ramnani leads the real estate vertical at Hindustan Times Digital, bringing over two decades of journalism experience across real estate, education, human resources, and foreign affairs. She specialises in India’s real estate sector, covering residential and commercial markets in Delhi-NCR, Mumbai, and Bengaluru, with in-depth reporting on regulatory developments, urban policy, housing trends, and interviews with industry leaders. Her work has also appeared in the Hindustan Times newspaper and HT Estates. Earlier, Vandana played a key role in establishing the real estate vertical at Moneycontrol (NW18 Group), shaping its editorial direction and market coverage. She has also written extensively on international education for HT Education, tracking global study destinations, policy changes, and student mobility trends, earning the Singapore Education Award 2009 for Best Media Coverage (Print). Her reporting portfolio includes human resources and employment trends for HT ShineJobs and PowerJobs, as well as lifestyle and interior design features for HT Premium Homes. Vandana began her career with the Press Trust of India, gaining strong editorial and reporting expertise. She was also selected for a prestigious fellowship at Fondation Journalistes en Europe in Paris, where she wrote for EuroMag. One of her notable reporting assignments included covering Germany’s capital relocation from Bonn to Berlin. Outside of journalism, Vandana is a passionate traveller, constantly seeking out charming hideaways across India and the lesser-known, offbeat corners of Southeast Asia.Read More

Real Estate News

Stay updated with the latest Real Estate News, property prices, housing trends and major projects. Explore market updates, investment insights and property developments across India.