Renewsys India Signs 10-Year Lease for Over 7 Lakh Sq Ft Industrial Space Near Mumbai at ₹1.43 Crore Monthly Rent

Solar module manufacturer Renewsys India Pvt Ltd has leased more than 7 lakh sq ft of industrial space in Khalapur, located near Mumbai, for a period of 10 years. The monthly rental for the lease is set at ₹1.43 crore, according to property registration documents accessed by CRE Matrix.

The industrial space has been taken from two entities—Indra Logistics Park Pvt Ltd and Ikshita Logistics Park Pvt Ltd—through three separate agreements. These were registered on March 31, 2025.

According to the documents, the first unit, measuring 1.32 lakh sq ft, carries a monthly rent of ₹27.14 lakh. The second unit, covering 2.23 lakh sq ft, has been leased at ₹45.90 lakh per month. The third and largest unit spans 3.45 lakh sq ft, with a monthly rental of ₹70.73 lakh. Together, these add up to ₹1.43 crore in monthly outgo for Renewsys.

A security deposit exceeding ₹5.73 crore has been placed for the three units. The lease registration also attracted a stamp duty of ₹2.16 crore and registration fees of ₹90,000.

The lease term is for 10 years, with a lock-in period of five years. The agreement includes a 15% escalation in rent after the initial 36 months. Subsequently, there will be an annual escalation every five years. These structured increments are standard in long-term industrial leasing agreements, helping landlords account for inflation and market changes.

Renewsys India Pvt Ltd is an integrated solar PV manufacturer. According to the company's website, it produces modules as well as key components such as encapsulants, backsheets, and solar PV cells. The leased facility in Khalapur is expected to support the company’s expanding operations, particularly in manufacturing and logistics.

Industry Context and Comparable Deals

Leasing activity in the logistics and industrial (L&I) segment has been on the rise. For example, Mahindra Logistics Ltd in February 2025 leased 4.75 lakh sq ft of warehousing and logistics space in Khed near Pune. That transaction, spread over five years, was valued at approximately ₹73 crore.

Similarly, in October 2024, Hindustan Unilever Ltd (HUL) leased 5.93 lakh sq ft of warehousing space in Bhiwandi, located near Mumbai, at an initial monthly rent of ₹1.54 crore.

The broader industrial and logistics leasing market has shown consistent growth. A report by Cushman & Wakefield released in December 2024 projected that the total L&I leasing across eight major Indian cities would touch between 50 to 53 million sq ft in the calendar year 2024. This included Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, Pune, and Ahmedabad.

The report noted that in 2023, L&I leasing had already reached 53.57 million sq ft across these regions, driven by sustained demand in the manufacturing, e-commerce, and FMCG sectors.

Khalapur, where the Renewsys units are located, lies along a growing logistics corridor with connectivity to the Mumbai–Pune Expressway. The location is increasingly being chosen by manufacturers and third-party logistics providers seeking access to Mumbai and Pune markets while keeping operational costs comparatively lower than those within city limits.

The Renewsys lease adds to the growing number of large-ticket industrial transactions in and around the Mumbai region, reflecting both the sector’s momentum and the increasing demand for long-term, stable industrial spaces from companies in renewable energy and related sectors.