IndiQube Spaces Limited, a flexible workspace operator, has leased approximately 1.51 lakh square feet of office space in Chennai’s Perungudi micro-market, for a period of 15 years at a total rent of over ₹235 crore, according to property registration documents accessed by Propstack.
According to the property registration documents, the company has signed a fresh lease agreement with landlord SRH Mota Star Promoters Private Limited for a space in the SRH Experience Tower.
The lease, which commenced on March 9, 2026, covers a chargeable area of 151,462 square feet spread across multiple levels of the building.
Details of the lease agreement
Under the terms of the agreement, IndiQube will pay a monthly rental of approximately ₹96.62 lakh, based on a lease rate of ₹64 per square foot per month. Over the 15-year tenure of the lease, the company’s total rental commitment is estimated to exceed ₹235 crore, taking into account periodic rental escalations stipulated in the agreement, the documents show.
The lease agreement includes a security deposit of approximately ₹7.73 crore and provides for a 15% rental escalation every 3 years.
The lease has a 15-year tenure with a 3-year lock-in period, along with a provision for a 5-year renewal after the completion of the initial lease term, the documents showed.
According to the documents, the landlord will provide 251 parking spaces on the premises. Of these, 151 parking spaces will be provided free of cost, while the remaining 100 spaces will be available at a monthly charge of ₹4,000 per space. The landlord will also provide 520 two-wheeler parking spaces, of which 360 will be free. The remaining 160 spaces will attract a monthly fee of ₹750 per space.
Also Read:
Email queries have been sent to both the landlord and . The story will be updated if a response is received.
“This long-term commitment by IndiQube highlights the sustained demand for high-quality, managed office spaces along Chennai’s prime commercial corridors like Perungudi,” said Raja Seetharaman, co-founder, Propstack.
Also Read:
“Securing an entire 11-floor independent asset allows operators to capture rising enterprise demand while locking in stable, predictable rental yields for asset owners. The structured escalation model further emphasises the long-term confidence both parties share in the regional micro-market’s growth potential,” Seetharaman said.