Tesla leases 33,000 sq ft in Gurugram for service and delivery of EVs at an annual rent of Rs 4.82 crore

Global electric vehicle major Tesla has leased over 33,000 square feet at the Orchid Business Park in Gurugram's Sohna Road for an annual rental of Rs 4.82 crore, according to documents accessed by CRE Matrix, a real estate analytics firm.

The lease deed documents showed that the space leased at Orchid Business Park will serve as Tesla’s electrical vehicle service centre, retail store and delivery centre. The deed was signed on July 28 in the name of Tesla India Motors and Energy Private Limited for a period of nine years, and the company has paid a stamp duty of Rs 20.69 lakh.

As part of the transaction, Tesla has leased the entire ground floor of Gurugram-located Orchid Business Park. The leased property has total covered area of 33,475 square feet, chargeable at Rs 120 per month per square foot rent for 9 years.

The total monthly rent for the leased property is Rs 40.17 lakh which will escalate at 4.75 percent every year, with a lock-in period of three years as part of the deal.