Elon Musk’s Tesla leases 33,000 sq ft commercial space in Gurugram | Latest News India

Electric vehicle giant Tesla has leased a 33,000 square feet area in a commercial building at Gurugram, Haryana, which can be used as a service centre and sales outlet, according to CRE Matrix.

Real estate data analytics firm CRE Matrix has reviewed the rgistration document for this leasing transaction.

The Elon Musk-led company has registered a 9-year lease for the unit in Gurugram’s Orchid Business Park.

Tesla, which has already opened a showroom in the financial capital and is set to follow up with a second one in New Delhi soon, will be paying a starting rent of ₹40 lakh for the Gurugram property, it said.

There is a clause in the agreement under which the rent will escalate by 4.75 per cent per annum.

The chargeable area is 33,475 sq ft, while the super-built up area of the property is 50,914 sq ft, it said, adding that there is a 3-year lock-in.

The space can be used as a “service centre, delivery centre and retail store”, the property consultant said.

The property has been leased from Garwal Property, and the lease was registered on July 28, as per the statement.

The lease commencement date is set as July 15, and the rental starts immediately, it said.

Tesla made its India retail debut last month with a store in the Bandra Kurla Complex business district in suburban Mumbai. The company is selling the China-made ‘Model Y’ with a price tag of nearly ₹60 lakh after accounting for the high import duties.