Elon Musk's Tesla leases office space in Pune with a monthly rent of Rs 11.65 lakh

Elon Musk's Tesla India Motor & Energy Pvt Ltd has taken a significant step towards entering the Indian market by leasing office space in Pune's Panchshil Business Park. This move comes just days after two of Tesla's senior executives had a meeting with Invest India officials to discuss their plans of setting up a manufacturing electric vehicle plant in India.

According to data accessed by real estate data analytics firm CRE Matrix, the leased office space covers an area of 5,850 sq.ft on the first floor of B wing in Panchshil Business Park. The documents claim that Tesla has entered into a five-year lease agreement with Tablespace Technologies Pvt Ltd, with a monthly rent of ₹11.65 lakh and a security deposit of ₹34.95 lakh for a 60-month lease period. The agreement also includes five car parks and 10 bike parks.

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As per the documents accessed from CRE Matrix, the lease deal includes a lock-in period of 36 months, with a 5 per cent per annum escalation clause. The rental payments are set to begin from October 1, 2023.

Panchshil Business Park is currently under construction and boasts a development size of 10,77,181 sq. Ft. Situated in Viman Nagar, it is located just 500 meters away from Nagar Road and three kilometers from the Pune international airport. The area is easily accessible from residential hubs such as Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi.

Tesla's entry into the Indian market has been a topic of interest since the company's Indian subsidiary was registered in Bengaluru in 2021. Tesla has expressed its intention of establishing a manufacturing facility in India, with a proposal to build electric vehicles and manufacturing EV batteries in the country. Elon Musk himself met with Prime Minister Narendra Modi during his US trip in June, expressing keen interest in setting up the facility in India.

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Tesla's Progress in India

Reports have surfaced claiming that Tesla is also planning to launch a brand-new car model for the Indian market that will be priced around $24,000 (roughly Rs 20 lakh).  Another report highlighted that the company is in talks with Indian officials to get their Chinese suppliers to India. However, the officials suggested that Tesla should take a path similar to Apple in India.

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Read more: Tesla plans to build all-new car in India priced at Rs 20 lakh

Read more: Govt suggests Apple-like model for Tesla's India factory