Tesla, Led by Elon Musk, Secures Office Space in Pune at a Monthly Rent of Rs 11.65 Lakh

Tesla India Leases Office Space in Pune, Takes a Step Closer to Market Entry

3rd August Pune: Elon Musk's Tesla India Motor & Energy Pvt Ltd has made a significant move towards establishing its presence in the Indian market. The company has leased office space in Pune's Panchshil Business Park, following a recent meeting with Invest India officials to discuss plans for setting up an electric vehicle manufacturing plant in India.

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

The lease deal comes with a lock-in period of 36 months, and there is a 5% per annum escalation clause. Rental payments are scheduled to begin from October 1, 2023.

Situated in Viman Nagar, Panchshil Business Park is still under construction and boasts a massive development size of 10,77,181 sq. ft. Its strategic location, just 500 meters away from Nagar Road and three kilometers from the Pune international airport, makes it easily accessible from residential hubs like Kalyani Nagar, Koregaon Park, Wadgaonsheri, and Kharadi.

Tesla's entry into the Indian market has been eagerly awaited since the company registered its Indian subsidiary in Bengaluru in 2021. The electric vehicle giant aims to establish a manufacturing facility in India, with plans to produce EV batteries and electric vehicles locally. Elon Musk himself met with Prime Minister Narendra Modi during his US trip in June, expressing a strong interest in setting up the facility in India.

Recent reports suggest that Tesla may launch a new car model specifically for the Indian market, priced around $24,000 (approximately Rs 20 lakh). Additionally, the company is reportedly in talks with Indian officials to bring its Chinese suppliers to India. Officials have advised Tesla to follow a path similar to Apple's approach in India. This development highlights Tesla's continued progress and dedication to making its mark in the Indian electric vehicle industry.