Versigent India Private Limited has leased 2.91 lakh sq ft of industrial space at IndoSpace Industrial Park Vallam in Chennai for 10 years at a monthly rent of ₹1.08 crore, according to documents accessed by Propstack.
The lease will commence on April 1, 2027, at a rental rate of ₹37 per sq ft per month. The company has paid a security deposit of ₹6.48 crore, with a 15% rental escalation every three years, the documents showed.
The lease agreement also provides for a green initiative involving solar power installations at the lessee’s request. The lessor will enter into separate contracts with the relevant service providers for implementation, the documents showed.
Versigent PLC designs, manufactures and distributes low- and high-voltage electrical architectures, signal solutions and electric vehicle charging systems. Its products serve industrial and mobility applications.
The lease gives the company access to a sizeable industrial facility within an organised industrial park in Chennai. Versigent could not be reached for comment.
Chennai is one of India’s established manufacturing hubs. IndoSpace develops and operates industrial and logistics parks across India.
Demand for industrial and warehousing space in India
According to a Colliers India report, demand for industrial and warehousing space remained strong across India’s top eight cities during the first nine months of 2026. Grade A leasing reached 33.3 million sq ft, a 26% year-on-year increase. Delhi-NCR and Chennai together accounted for nearly half of the total demand during the period.
In the third quarter of 2026, industrial and warehousing space uptake exceeded 11 million sq ft, marking a 63% year-on-year increase and the highest quarterly leasing activity in recent years, the report said. The sector maintained its momentum despite renewed tensions in West Asia, supply chain disruptions, and trade realignments.
