American electric vehicle maker Tesla on Wednesday revealed that it has leased 4,000 sq ft of space in Bandra-Kurla Complex (BKC) to set up its first showroom in India. The company will pay a monthly rent of over Rs 35 lakh.

Tesla's launch is one that everyone is eagerly waiting for. And after this, the possibility of world's leading auto companies manufacturing or assembling in India increases.

The lease agreement for the space in Maker Max City is for five years. The monthly rent will be around Rs 43 lakh per month and according to documents, there will be a 5% rent increase annually.

On February 27, a lease agreement was registered between Univco and a branch of Tesla, which has an office in Pune. The initial lease is for a monthly rent of Rs 881 per square foot, and a security deposit of Rs 2.11 crore has been paid, the documents show.

Tesla's entry into India was first reported in January 2021 when it registered its Indian entity, Tesla India Motors and Energy Private Limited, in Bengaluru.