Tesla Signs Lease for First Showroom in Mumbai at ₹3.87 Crore Annual Rent
Tesla has signed a lease for its first Mumbai showroom for ₹3.87 crore annually, aiming to sell imported electric cars in India, reversing earlier plans. The five-year lease begins on February 16, 2025, with an annual rent starting at approximately $446,000, increasing 5% yearly. The showroom is located in Bandra Kurla Complex, and additional locations in India are planned after Elon Musk’s meeting with PM Modi.
US electric vehicle manufacturer Tesla has finalized a lease agreement to establish its inaugural showroom in Mumbai, signaling its commitment to selling imported cars in India. This decision follows the abandonment of similar plans last year. As per registration documents, the showroom lease spans five years starting from February 16, 2025, with an initial annual rent of approximately $446,000 for a space of 4,003 square feet, comparable to a basketball court.
Each year, the rent will increase by 5%, culminating in around $542,000 by the fifth year, as outlined in the lease document shared by CRE Matrix. The showroom’s location is strategically placed within the Maker Maxity building, situated in the Bandra Kurla Complex, a prominent business and retail area near Mumbai’s airport.
Recent reports indicated that Tesla has also earmarked locations for two additional showrooms in New Delhi and Mumbai, coinciding with a meeting between Tesla’s CEO Elon Musk and India’s Prime Minister Narendra Modi in the US. This step marks a significant move for Tesla as it looks to expand its footprint in the Indian automobile market.
Tesla’s establishment of its first showroom in Mumbai reflects its renewed commitment to enter the Indian market for imported electric vehicles. The five-year lease agreement, outlining the rental terms and strategic location, positions Tesla to capitalize on the growing demand for electric cars in India. With additional showrooms planned, the company aims to solidify its presence in the densely populated market.
Original Source: indianexpress.com
