Tesla, the American electric vehicle giant, has secured a 4,000-square-foot space in Mumbai’s Bandra Kurla Complex (BKC) business district for its first showroom in India. This prime property, situated on the ground floor near India’s first Apple Store, has been leased from Univco Properties.
As per documents made available by CRE Matrix, the company, which is headed by Elon Musk, will be paying a rent of more than ₹35 lakh every month for the premises, along with assigned parking areas.
Tesla's highly anticipated foray into the Indian market is likely to open the door for future projects, including possible local manufacturing or assembly facilities.
The showroom, situated at Maker Maxity, has been rented for five years, with a contractual annual rent escalation of 5%. In the course of time, the monthly rent will rise to almost ₹43 lakh.
According to the agreement, registered on February 27 between Univco and Tesla's Pune-based subsidiary, the initial rental works out to ₹881 per square foot. Besides, a security deposit of ₹2.11 crore has been given, the documents show.
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