American EV maker Tesla has rented a 4,000-sq ft space in the Bandra Kurla Complex business district to house its maiden showroom in the country, it was revealed on Wednesday.
The company, promoted by billionaire Elon Musk, will be paying a rent of over ₹35 lakh per month for the space which comes with some parking lots as well, as per documents shared by CRE Matrix.
The launch of Tesla is a keenly awaited one and may well be a precursor to the pioneering auto company’s eventual plans to manufacture or assemble in India.
The lease for the space in Maker Maxity is for a period of five years and the monthly rental will go up to nearly ₹43 lakh a month with a 5 per cent rent escalation per year, as per the documents.
The property on the ground floor is located very close to India’s first Apple Store, and has been leased from Univco Properties.
A rental agreement was registered between Univco and one of Tesla’s arms having its offices in Pune on February 27.
{{/usCountry}}A rental agreement was registered between Univco and one of Tesla’s arms having its offices in Pune on February 27.
{{/usCountry}}The monthly rent per square feet works out to ₹881 at the starting rental, and a security deposit of ₹2.11 crore has been paid, the documents said.