New Century Sofa India Secures 2.72 Lakh Square Feet Lease at IndoSpace Oragadam II as Tamil Nadu’s Industrial Growth Accelerates

IndoSpace, one of India’s leading developers and operators of Grade A industrial and logistics parks, has signed a major 2.72 lakh square feet lease agreement with New Century Sofa India at its Oragadam II Industrial Park in Tamil Nadu. The transaction marks another significant addition to IndoSpace’s growing tenant base in the state and reflects the rising demand for high quality warehousing and industrial infrastructure.

According to the lease document reviewed by industry sources, the deal is structured with a 36 month tenure and includes a complete lock-in for the same period. A five percent annual rental escalation has been built into the agreement, offering predictable revenue for the owner while ensuring long term operational security for the tenant. The lease covers three buildings inside the Oragadam II park, one of IndoSpace’s strategically located hubs in the fast developing Sriperumbudur and Oragadam manufacturing corridor.

IndoSpace handed over possession to New Century Sofa India in April 2025, allowing the company to begin its operational planning well ahead of the rent commencement dates. Two of the buildings require no fit-out period, enabling the tenant to move in equipment and prepare for operations immediately. The third building begins its lease in mid May with rent applicable from October 2025.

This development comes at a time when IndoSpace has significantly expanded its investment presence in Tamil Nadu. The company has increased its planned capital deployment to nearly ₹4,500 crore for new logistics and warehouse parks across the state. Tamil Nadu’s strong manufacturing ecosystem, supported by global and domestic players such as Hyundai, Nissan, Foxconn and Pegatron, continues to attract large scale investments. IndoSpace plays a central role in strengthening the supply chain that supports these industries.

Market analysts note that the rising leasing activity reflects robust demand from sectors including consumer goods, electronics, renewable energy and retail. With Tamil Nadu emerging as a preferred destination for industrial growth, the New Century Sofa India lease reinforces the state’s momentum in manufacturing and logistics expansion.