A novel microalgae strain Chlamydomonas debaryana (KJ210856) was isolated from a freshwater lake of Punjab, India, and cultivated considering climatic sustainability and inherent adaptability concern. C. debaryana was grown in a 30-L indoor photobioreactor to study the mass cultivation prospect and biofuel potential. Physicochemical characterization of biomass and the lipid was performed with effect to nitrogen stress. It showed a higher biomass yield (1.58 +/- A 0.02 g L-1, dry weight) and twofold increase in lipid yield (552.78 +/- A 9 mg L-1) with 34.2 +/- A 0.19 % lipid content under nitrogen deficient condition. Strikingly, increase in triglycerides achieved with nitrogen depletion containing over 96 % of total fatty acids (C 14, C 16, and C 18). Proximate and ultimate analysis suggested the presence of relatively higher volatile matter and carbon-hydrogen ratio. Furthermore, lower moisture and ash content signified C. debaryana biomass has promising features towards biofuel applications. The pyrolytic behavior of the whole biomass was also studied using thermogravimetric analyzer (TGA) and kinetic parameters were estimated using different methods. Promising growth rate and lipid yield leading to feasible biofuel feed stock production in indoor photobioreactor along with autosediment potential of cells validates C. debaryana NIREMACC03, a potential strain for mass cultivation.