Last Updated:
The lease, registered on May 16, 2025, carries a five-year lock-in period ending April 19, 2030.
Tesla’s licence period officially begins on April 20, 2025, while the chargeable licence period starts from June 1, 2025.
Elon Musk’s Tesla India Motor and Energy Pvt Ltd has leased a 24,565 sq ft warehouse at Lodha Logistics Park in Mumbai’s Kurla West, marking another significant step in the electric vehicle (EV) maker’s India entry. The five-year lease deal is valued at Rs 24.38 crore, according to a Hindustan Times report citing property registration documents accessed by CRE Matrix.
The leased premises comprise two ground-floor units with a combined carpet area of over 18,000 sq ft and a chargeable area exceeding 24,000 sq ft. The lease, registered on May 16, 2025, carries a five-year lock-in period ending April 19, 2030. Tesla has also secured 20 parking spots as part of the agreement.
The licence period officially begins on April 20, 2025, while the chargeable licence period starts from June 1, 2025. Tesla will initially pay a monthly rent of over Rs 37.53 lakh in the first year, which will rise 5% annually over the term. The company is also liable to pay Rs 1.62 crore in common area maintenance charges and has deposited Rs 2.25 crore as a security amount.
Abhishek Kiran Gupta, CEO of CRE Matrix, described the deal as more than a real estate transaction. “Tesla’s India entry is taking shape through a deliberate, multi-city rollout — from its office in Pune to flagship showrooms in BKC and Delhi-NCR, co-working presence in BKC, and now a strategic warehousing facility in Kurla West, Mumbai,” Gupta said.
“At Rs 153 per sq ft, this lease underlines Tesla’s intent to build a robust EV ecosystem anchored by prime logistics and commercial assets,” he added.
The Kurla warehouse is located approximately 4 km from the U.S. Consulate in Bandra Kurla Complex (BKC), keeping Tesla’s assets within a tightly knit 10-km commercial corridor.
Tesla’s Mumbai Expansion in 2025
Tesla’s Kurla lease follows a string of real estate moves in Mumbai this year. In March 2025, the company leased a 4,000 sq ft auto showroom in Maker Maxity on North Avenue, BKC — one of India’s priciest commercial addresses — for Rs 23.38 crore over five years. The rent of Rs 881 per sq ft set a national record, making it the costliest showroom lease in India to date.
In April 2025, Tesla also secured 30 seats in a managed office space near BKC at a monthly rental of Rs 3 lakh.
Despite these aggressive real estate acquisitions, the company appears cautious about establishing manufacturing operations in India. Union Minister for Heavy Industries HD Kumaraswamy recently said Tesla has no current plans to set up production units in the country and is instead focused on expanding its retail and office presence.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso… Read More
- First Published:
