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American electric vehicle (EV) giant Tesla has secured a 4,000-square-foot space in Mumbai’s Bandra Kurla Complex (BKC) for its first showroom in India. The company, promoted by billionaire Elon Musk, will be paying a monthly rent of over Rs 35 lakh for the premium commercial space, which also includes parking facilities.
According to documents shared by CRE Matrix, Tesla’s lease for the showroom space at Maker Maxity is set for a period of five years. The agreement includes an annual rent escalation of 5%, which will eventually increase the monthly rental to nearly Rs 43 lakh. A security deposit of Rs 2.11 crore has also been paid by the EV manufacturer.
The rental agreement was registered on February 27 between Tesla’s Pune-based subsidiary and Univco Properties, the landlord of the space. The property is strategically located on the ground floor, in close proximity to India’s first Apple Store.
Tesla’s entry into India has been highly anticipated, with the company’s move to establish a showroom seen as a significant step toward its potential plans to manufacture or assemble EVs in the country. While Tesla has been in discussions with the Indian government regarding local production incentives, this showroom marks its first official presence in the Indian market.
The monthly rent for the property equates to Rs 881 per square foot at the initial rate. The location at BKC, a prime business hub in Mumbai, is expected to provide Tesla with significant brand visibility and access to high-net-worth individuals and potential customers.
Industry experts believe that Tesla’s move to open a showroom in Mumbai signals its commitment to the Indian market and could pave the way for future expansion, including manufacturing facilities. The showroom is expected to serve as a crucial touchpoint for customers looking to experience Tesla’s cutting-edge EV technology firsthand.
Sources By Agencies
