New Delhi: Tesla Inc., led by Elon Musk, the world’s wealthiest man, rented 4,000 square feet of space, at a record 881 rupees per square foot (square foot), the highest rental rent ever in India. The showroom at Maker Maxity marks a major milestone for Tesla when it exists in the Indian market.
According to the Cre Matrix filing, Tesla will pay Rs 3.5 lakh monthly rent for the space, which also includes parking facilities. The lease is set for five years, with annual rent upgrades to 5% and monthly rents are pushed to nearly Rs 43 lakh over time.
The showroom is located on the ground floor, close to India’s first Apple Store and has been leased from Univco Properties. The lease agreement was registered on February 27 between Univco and one of Tesla’s subsidiary in Pune.
Tesla’s long-standing arrival in India has caused a huge buzz, and the showroom has the potential to lay the foundation for the country’s future manufacturing or assembly operations.
Here are the details of the transaction:
The license period of the agreement is set to five years and begins on February 16, 2025. Free rental periods have been granted from the start date until March 31, 2025.
After this period, the monthly rent will be Rs 35,26,665, which will be upgraded to 5% per year. In addition, as part of the agreement, a margin of Rs 2,11,59,990 has been paid.
Tesla’s cheapest car
Earlier, brokerage CLSA said Tesla’s cheapest cars were between Rs 3.5 lakh and Rs 4 lakh in India. Price estimates include road taxes, insurance and other expenses. (with PTI input)
