Renewsys India Leases Over 65,000 Sq M Near Mumbai

17 Apr 2025 CW Team

Renewsys India Pvt Ltd, a solar photovoltaic module manufacturer, has leased over 65,000 square metres (0.7 Mn square feet) of industrial space in Khalapur, near Mumbai, in one of the largest logistics and warehousing transactions of 2025. The 10-year lease agreement, signed with Indran Logistics Park Pvt Ltd and Ikshita Logistics Park Pvt Ltd, both SPVs sponsored by IndoSpace, comes at a monthly rent of Rs. 14.3 Mn, according to property registration documents accessed by CRE Matrix.

The three leased units include: 12,300 sq m at Rs. 2.71 Mn/month 20,700 sq m at Rs. 4.59 Mn/month 32,000 sq m at Rs. 7.07 Mn/month

The lease includes a five-year lock-in period, with a 15 per cent rent escalation after 36 months, followed by increases every five years. The total security deposit stands at over Rs. 57.3 Mn. The deal was registered on 31 March 2025, with Rs. 21.6 Mn stamp duty and Rs. 90,000 in registration fees. Renewsys is India's first integrated manufacturer of solar PV modules and key components including encapsulants, backsheets, and solar cells.

Source: HT Real Estate News

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