Industrial and logistics parks developer IndoSpace has leased over 700,000 sq ft of warehousing space in Khalapur near Mumbai to solar photovoltaic modules manufacturer RenewSys India through a long-term lease of over 10 years. This is the largest logistics and warehousing transaction concluded so far this year.
RenewSys India will be paying starting rentals of ₹1.44 crore per month. The agreement includes a clause with an initial rent escalation of 15 per cent after the first 36 months, followed by a 5 per cent annual increase for the remaining duration of the lease.
The agreement includes a lock-in period of five years for the lessor IndoSpace and the entire lease duration for the lessee RenewSys India, ensuring long-term operational continuity.
The fit-out handover of the facility was scheduled for March 25, following which RenewSys will be granted a four-month fit-out period.