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RenewSys India Pvt Ltd, a solar photovoltaic module manufacturer, has entered into a significant lease agreement, securing over 700,000 sq ft of industrial space in Khalapur, near Mumbai. This 10-year lease, involving three units from IndoSpace-sponsored SPVs Indran Logistics Park Pvt Ltd and Ikshita Logistics Park Pvt Ltd commences with a monthly rent of INR 1.43 crore. The agreement includes a five-year lock-in period, a 15% rent escalation after 36 months, and subsequent increases every five years. This transaction, registered in the past week, underscores the growing demand for industrial spaces in the Mumbai Metropolitan Region.
In a notable development within the industrial real estate sector, RenewSys India Pvt Ltd has leased more than 700,000 sq ft of industrial space in Khalapur, situated near Mumbai. The lease, spanning a decade, was finalized earlier this week and involves three separate units from Indran Logistics Park Pvt Ltd and Ikshita Logistics Park Pvt Ltd, both special purpose vehicles sponsored by IndoSpace. Advertisement
RenewSys India has leased a total of 7 lakh sq ft of industrial space across three units in Khalapur. The first unit, measuring 1.32 lakh sq ft, has been taken on lease at a monthly rent of INR 27.14 lakh. The second unit spans 2.23 lakh sq ft, for which the monthly rent is INR 45.90 lakh. The third and largest unit covers 3.45 lakh sq ft, leased at a monthly rental of INR 70.73 lakh. Altogether, the combined monthly rent for the entire leased space amounts to INR 1.43 crore.
The total monthly rent amounts to INR 1.43 crore, with a security deposit exceeding INR 5.73 crore. The lease agreement stipulates a 15% rent escalation after 36 months, followed by annual increases every five years. A stamp duty of INR 2.16 crore and registration fees of INR 90,000 were paid upon registration of the transaction.
RenewSys India Pvt Ltd, recognized as the first integrated manufacturer of Solar PV Modules and key components such as Encapsulants, Backsheets, and Solar PV Cells, continues to expand its operational footprint through strategic real estate acquisitions.
The lease deal reflects the broader trend of increasing demand for industrial and logistics spaces in the Mumbai Metropolitan Region. In 2023, the region witnessed a record 9.9 million sq ft of industrial and logistics leasing, driven primarily by third-party logistics players, engineering, manufacturing, and retail firms.
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