Flexible workspace operator IndiQube Spaces Ltd has leased over 1.5 lakh square feet of office space in Chennai’s Perungudi locality.

According to property data analytics platform Propstack, the company has taken on lease 151,462 sq ft in SRH Experience Tower from SRH Mota Star Promoters Pvt Ltd. The transaction is a fresh lease and commenced on March 9, 2026.

The leased premises span multiple levels of the building, covering the ground floor and floors up to the 11th level, including the 2B floor.

The agreement has been signed at a monthly rental of ₹64 per sq ft, translating into a monthly rent of about ₹96.6 lakh. Based on the contracted rent, IndiQube’s total rental commitment over the 15-year lease tenure is estimated at around ₹235 crore, including periodic escalations.

The lease agreement provides for a 15 per cent escalation in rentals every three years. IndiQube has also deposited a security amount of approximately ₹7.73 crore as part of the transaction.

Perungudi, located along Chennai’s Old Mahabalipuram Road (OMR) corridor, has emerged as a prominent office market driven by demand from technology companies, Global Capability Centres (GCCs), and flexible workspace operators.

The transaction comes at a time when managed workspace providers are expanding aggressively across major office markets amid rising demand for flexible office solutions from enterprises and startups. Chennai has witnessed steady leasing activity over the past few quarters, supported by occupier demand in the IT and technology sectors.

Published on June 15, 2026