Flexible workspace operator IndiQube Spaces Limited has leased approximately 1.51 lakh square feet of office space in Chennai’s Perungudi commercial corridor under a long-term agreement valued at more than ₹235 crore. The transaction reflects the growing demand for managed office spaces and reinforces Chennai’s position as an important business and technology hub.
According to property registration documents accessed by real estate data analytics platform Propstack, IndiQube has entered into a fresh lease agreement with SRH Mota Star Promoters Private Limited for office space in the SRH Experience Tower located in the Perungudi micro-market.
The lease commenced on March 9, 2026, and covers a chargeable area of 151,462 square feet spread across multiple floors of the commercial building. The agreement represents one of the notable office leasing transactions in Chennai’s flexible workspace segment this year.
Under the terms of the lease, IndiQube will pay a monthly rent of approximately ₹96.62 lakh, calculated at a lease rate of ₹64 per square foot per month. Taking into account the 15-year lease tenure and periodic rental escalations, the total rental commitment is expected to exceed ₹235 crore over the duration of the agreement.
The deal includes a security deposit of approximately ₹7.73 crore and provides for a 15 percent rental escalation every three years. Such escalation clauses are common in long-term commercial leasing arrangements and help property owners maintain returns in line with market growth and inflation trends.
The agreement also includes a three-year lock-in period, providing stability for both the tenant and the landlord. In addition, IndiQube has secured an option to renew the lease for another five years after the completion of the initial 15-year term, indicating confidence in the long-term potential of the location and Chennai’s office market.
Parking facilities form an important part of the arrangement. The landlord will provide 251 car parking spaces, of which 151 will be offered free of charge. The remaining 100 spaces will be available at a monthly fee of ₹4,000 per slot. Additionally, 520 two-wheeler parking spaces have been allocated, with 360 offered free and the remaining 160 charged at ₹750 per month per space.
