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Tesla Inc. has taken a major step toward its India debut by securing its first showroom in the country, located in Mumbai’s upscale Bandra Kurla Complex (BKC). The lease deal, setting a new national benchmark in rental rates, marks a significant milestone in the American electric vehicle (EV) giant’s expansion into one of the world's fastest-growing automobile markets.
According to documents accessed through realty data analytics platform CRE Matrix, Tesla’s India arm, Tesla India Motors & Energy, has leased 4,003 sq ft of space on the ground floor of Maker Maxity’s 2 North Avenue from Univco Properties LLP. The lease agreement spans five years, with a monthly rental of ₹881 per sq ft, surpassing the previous record set by Apple Inc. at ₹738 per sq ft in January.
The agreement, registered last week, stipulates that the lease tenure begins on February 16, with a rent-free period until March 31. Tesla has paid a security deposit of ₹2.11 crore, and the rent will escalate by 5% annually. The EV manufacturer will initially pay ₹35.26 lakh per month, which will rise to ₹42.86 lakh by the final year of tenancy.
The contract includes a 36-month lock-in period for Tesla, while the landlord cannot terminate the lease during its full term
The flagship showroom is expected to serve as Tesla’s central hub in India, reinforcing the company’s commitment to tapping into the country’s growing demand for premium electric vehicles. The automaker has been actively engaging with government authorities, scouting showroom locations, and evaluating potential manufacturing sites to establish a robust presence in India.
Tesla’s entry into the Indian market has been long anticipated, with CEO Elon Musk previously expressing keen interest in launching operations in the country. With the securing of its first showroom, Tesla is now closer to bringing its acclaimed lineup of EVs to Indian consumers.
