Tesla Inc. has taken a major step toward its India debut by leasing its first showroom in Mumbai’s Bandra Kurla Complex (BKC) at a record Rs. 881 per sq. ft. per month, surpassing Apple Inc.’s previous high of Rs. 738 per sq. ft. The 4,003 sq. ft. flagship showroom, located on the ground floor of Maker Maxity’s 2 North Avenue, has been leased from Univco Properties LLP for a five-year term, marking a milestone in Tesla’s expansion into the Indian EV market.
The agreement was registered last week, with Tesla receiving a rent-free period until March 31 and an annual rental escalation of 5%. The company has paid a Rs. 2.11 crore security deposit, with monthly rent starting at Rs. 35.26 lakh in the first year and rising to Rs. 42.86 lakh in the final year. The lease includes a 36-month lock-in period for Tesla, while the landlord cannot terminate the contract during the tenure. Tesla has been actively exploring India’s EV market, engaging with government officials, scouting showroom locations, and evaluating sites for a potential manufacturing plant in Maharashtra. Following Elon Musk’s meeting with Prime Minister Narendra Modi, discussions around lower tariffs on imported EVs have further strengthened Tesla’s entry strategy into one of the world’s fastest-growing automobile markets.