Versigent Leases 2.91 Lakh Sq Ft Industrial Space in Chennai for 10 Years

Chennai’s industrial property market has secured another major leasing deal, with Versigent India Private Limited taking up 2.91 lakh square feet of industrial space at IndoSpace Industrial Park Vallam for a 10-year term. The agreement carries a monthly rental commitment of ₹1.08 crore, according to documents accessed by Propstack.

The lease is scheduled to commence on April 1, 2027, at an initial rental rate of ₹37 per square foot per month. The company has paid a security deposit of ₹6.48 crore. The agreement also provides for a 15% increase in rent every three years, allowing the rental value to rise over the duration of the contract.

The transaction adds to the activity in Chennai’s industrial and warehousing property segment, where established manufacturing facilities and organised industrial parks continue to attract occupiers seeking space for their operations.

Industrial Park Location and Lease Terms

IndoSpace Industrial Park Vallam offers Versigent access to a sizeable industrial facility within an organised industrial park in Chennai’s manufacturing belt. The long-term lease provides the company with a dedicated industrial premises for its business requirements.

The agreement also includes a provision for solar power installations at the lessee’s request. Under the arrangement, the lessor will enter into separate contracts with the relevant service providers to implement the proposed green energy initiative.

Versigent PLC designs, manufactures and distributes electrical architectures for low- and high-voltage applications, signal solutions and electric vehicle charging systems. Its products cater to industrial and mobility applications, making the availability of suitable industrial facilities an important consideration for its operations.

The company could not be reached for comment on the lease.

Chennai Benefits from Strong Industrial Space Demand

The transaction comes amid continued demand for industrial and warehousing space across India’s major property markets. According to a Colliers India report cited in the source material, Grade A industrial and warehousing leasing across the country’s top eight cities reached 33.3 million square feet during the first nine months of 2026, marking a 26% year-on-year increase.

Chennai and Delhi-NCR together accounted for nearly half of the total leasing activity during the period. In the third quarter alone, industrial and warehousing space uptake exceeded 11 million square feet, rising 63% year-on-year.

For Chennai, the latest lease highlights the continuing importance of industrial property to the city’s manufacturing ecosystem. As businesses seek suitable facilities for production, logistics and related operations, organised industrial parks remain an important part of the market’s supply.

The Versigent agreement adds another significant long-term commitment to Chennai’s industrial real estate landscape, with the lease set to begin in April 2027.