According to data from real estate data analytics firm CRE Matrix, Tesla has entered into a five-year lease agreement with Tablespace Technologies Pvt Ltd for the office space. The monthly rent is ₹11.65 lakh, with a security deposit of ₹34.95 lakh for the 60-month lease period. The deal also includes five car parks and ten bike parks. Rental payments are scheduled to begin from October 1, 2023. The agreement has a lock-in period of 36 months and includes a 5% per annum escalation clause.

Panchshil Business Park, where Tesla has leased the office space, is currently under construction and spans an impressive development size of 10,77,181 sq. Ft. It is strategically located in Viman Nagar, just 500 meters away from Nagar Road and three kilometers from the Pune international airport. The area offers easy accessibility from residential hubs such as Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi.

Tesla’s entry into the Indian market has been highly anticipated since the company registered its Indian subsidiary in Bengaluru in 2021. The company has expressed its intention to establish a manufacturing facility in India, with plans to produce electric vehicles and manufacture EV batteries in the country. CEO Elon Musk also met with Prime Minister Narendra Modi during his US trip in June, expressing keen interest in setting up the facility in India.

Recent reports suggest that Tesla is not only planning to launch a new car model specifically for the Indian market, priced around $24,000 (approximately Rs 20 lakh), but also in talks with Indian officials to bring their Chinese suppliers to India. However, officials have advised the company to consider a path similar to Apple’s approach in India.

This move marks a significant stride for Tesla as it continues its efforts to expand its presence in the rapidly growing Indian electric vehicle market.