Tesla, the electric car company owned by Elon Musk, is opening another showroom in India after launching one in Mumbai. The company has signed a lease for a huge showroom in Gurugram.
Read more: Model Y Arrives in the Capital: Tesla’s Second Showroom Launch Date Revealed
Tesla India Motor & Energy Pvt Ltd has rented about 51,000 sq ft of space at Orchid Business Park on Sohna Road for the next nine years. The monthly rent will start at ₹40.17 lakh in the first year and will increase slightly every year.
Here’s how the rent will increase:
- 2nd year: ₹42.07 lakh
- 3rd year: ₹44.07 lakh
- 4th year: ₹46.17 lakh
- 5th year: ₹48.36 lakh
- 6th year: ₹50.66 lakh
- 7th year: ₹53.06 lakh
- 8th year: ₹55.58 lakh
- 9th year: ₹58.22 lakh
The rent is set at ₹120 per sq ft, with a yearly rise of about 4.75%. Tesla has also paid ₹2.41 crore as a security deposit. The rent will be paid on the 7th of each month.
The building will offer 51 parking spaces for customers and staff. The property ownership is divided between Garwal Property Pvt Ltd (75.94%), Suncity Real Estate LLP (21%), and Orchid Infrastructure Developers Pvt Ltd (3.06%).
This is Tesla’s second big property in India after Mumbai. Last month, the company also rented 24,565 sq ft of warehouse space at Lodha Logistics Park in Mumbai’s Kurla area for ₹24.38 crore over five years.
Also See: Elon Musk’s Tesla Cybertruck to Be Used in US Air Force Missile Tests
Tesla is also considering opening a showroom at Worldmark Mall, Aerocity, Delhi on August 11.
The company, which delayed its India entry due to high import taxes, will now sell the Model Y in India. These cars will be imported fully built (CBU) from Tesla’s Shanghai factory in China.
