Vietnamese EV cab operator Green SM leases space for parking 1,050 cars in Greater Noida for total rent of ₹15.5 crore

Vietnamese electric vehicle (EV) taxi company Green SM leased nearly 4 lakh sqft space for parking of 1,050 cars and five containers in Sector-19, Greater Noida

Vietnamese electric vehicle (EV) taxi company Green SM leased nearly 4 lakh sq ft space for parking of 1,050 cars and five containers in Greater Noida at a total rent of ₹15.5 crore, according to property registration documents accessed by Propstack.

Vietnamese electric vehicle (EV) taxi company Green SM leased nearly 4 lakh sq ft space for parking of 1,050 cars and five containers in Greater Noida. (Picture for representational purposes only) (Pexels)

According to the documents, the space was leased in the basement of a building named Golden Grande, Sector-19 in Greater Noida, as the company expands its electric cab operations in the Delhi-NCR region.

The five-year lease, which commenced on May 27, 2026, involves a monthly rent of ₹23.38 lakh, the documents show. The agreement reads, "The Premises shall be provided on a leave and license basis by the Licensor to the Licensee for the purpose of (a) parking of electric vehicles owned/operated by the Licensee."

According to the lease details, Green SM India Private Limited is the tenant, while Ashrai Infra Private Limited is acting as the licensor under a Facilitation Agreement dated May 26, 2026, with the primary owner/lessor, Advance Compusoft Private Limited.

The lease covers 1,050 basement car parking spaces, along with five container spaces designated for EV charging infrastructure. The chargeable area mentioned in the agreement is 35,400 sq metres, although no carpet area has been specified. The parking spaces have been leased at ₹2,200 per parking slot per month, while each container charging space carries a monthly charge of ₹5,600, the documents show.

At the agreed rates, the 1,050 parking spaces account for ₹23.10 lakh per month, while the five charging container spaces contribute another ₹28,000 per month, totaling the aggregate monthly rent to ₹23.38 lakh. The agreement also records a security deposit of ₹1.16 crore.

An email query was sent to Green SM and Advance Compusoft Pvt Ltd. The story will be updated if a response is received. Ashrai Infra Pvt Ltd could not be reached for comment.

"Large-scale EV operations are redefining traditional parking usage, turning standard basement infrastructure into revenue-generating, tech-enabled charging hubs. This 1,050-bay deal in Noida underscores how mobility and PropTech dynamics are reshaping real estate demand," said Raja Seetharaman, co-founder Propstack.

Vietnamese company forays into EV cab services

Green SM entered the Indian market with its electric taxi service and began operations in the Delhi-NCR region a few months ago. The company's expansion comes as electric mobility and app-based cab services gain traction in India's major urban markets, where fleet operators are increasingly investing in dedicated charging and parking infrastructure.

Green SM is backed by Pham Nhat Vuong, chairman of Vietnam's Vingroup and founder of electric vehicle manufacturer VinFast. The company was founded in 2023 at Vietnam, and its entry into India marks an expansion of its international electric mobility ambitions into one of the world's largest mobility markets.

According to media reports, the company plans to operate service using the VinFast Limo Green, a seven-seater electric SUV developed specifically for passenger transportation. The vehicle is aimed at a variety of use cases, including daily commuting, family travel, airport transfers and business trips.

The reports had said that each vehicle will be equipped with drinking water, wet tissues and other passenger amenities. The fleet also features the company's secure-to-safe safety system, which includes interior and exterior cameras, AI-enabled technology and emergency support buttons for both drivers and passengers.