Elon Musk’s Tesla leases 4,000 sq ft showroom space in Mumbai’s BKC at ₹23.38 crore for five years

The documents show that the showroom space has been rented out in a commercial building named Maker Maxity on North Avenue.

HT.com had reported on March 1 that the company had finalised showroom space in Mumbai’s Maker Maxity in BKC, Mumbai, at a monthly rent of around ₹35 crore.

Also Read: Tesla to open India’s first showroom at Maker Maxity in BKC Mumbai, to pay ₹35 lakh a month as rent: Sources

The registration documents show that the transaction was registered on February 27, 2025, between Univco Properties LLP, the property owner, and Tesla India Motor and Energy Pvt Ltd.

The space has been taken on rent by Tesla along with two car parking spaces and the per sq ft rent works out to be ₹881, the documents further showed.

Documents show that the lease’s tenure started on February 16, 2025, and the rent-free period is from February 16 to March 31. The rental for the lease deal is payable from April 2025 up to February 2030.

The security deposit for the transaction is ₹2.11 crore, and the rental agreement has a 5% per month rent escalation clause on a per annum basis.

According to the documents, the per month rent is ₹35.26 lakh, followed by ₹37.02 lakh in the second year, ₹38.88 lakh in the third year, ₹40.82 lakh in the fourth year, and ₹42.86 lakh in the fifth year.

An email query has been sent to Maker Maxity and Tesla Motors and Energy Pvt Ltd, but no response has been received so far. The story will be updated if a response is received.

Also Read: Zara shuts flagship South Mumbai store, new tenant Purple Style Labs to pay rent of ₹10 lakh a day

All about Bandra Kurla Complex (BKC)

BKC is Mumbai’s central business district (CBD) and a key hub for the Banking and Financial Services Industry (BFSI) and Fortune 500 companies. It ranks among the most expensive commercial districts in India, hosting global giants like Apple, Netflix, Facebook, Amazon, Spotify, and Pfizer, alongside financial heavyweights such as the National Stock Exchange, Standard Chartered Bank, and Blackstone.

The commercial district also houses major co-working spaces like WeWork and tech firms like CISCO. Additionally, BKC is home to several government offices, including the Reserve Bank of India, the GST and Income Tax departments, and the Family Court. The US Consulate’s expansive campus further solidifies BKC’s status as a powerhouse of business and governance.

Also Read: Apple India sets a benchmark with record rental deal, leases 6,526 sq ft space in Mumbai’s BKC for ₹738 per sq ft

In February 2025, Google India Private Limited and Google Cloud India Private Limited were in the news for extending their office space leases in Mumbai’s Bandra-Kurla Complex (BKC), the country’s priciest commercial district. According to property registration documents accessed by SquareYards, the renewed leases are valued at ₹304 crore for a five-year period.