Elon Musk’s Tesla India Motor and Energy has leased 24,565 sq ft of warehouse space at Lodha Logistics Park in Mumbai’s Kurla area for a total rent of Rs 240.38 million over five years, according to property registration documents obtained by CRE Matrix.

The documents revealed that the leased area comprises 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 initial monthly rent is stated to be over Rs 3.7 million for the first year, with an annual escalation of 5 per cent, bringing the total rent over the five-year period to more than Rs 240 million.

Additionally, Tesla is required to pay Rs 10.62 million in common area maintenance charges over five years and has provided a security deposit of Rs 20.25 million, as per the documents.

The lease agreement was registered on May 16, 2025. The license period commenced on April 20, 2025, while the chargeable license period began from June 1, 2025.

The lease includes a full five-year lock-in period, ending on April 19, 2030. The documents also indicate that the agreement covers the warehouse space along with 20 parking spots.

An email query sent to Macrotech Developers (also known as Lodha Group) and Tesla’s representative who signed the agreement did not elicit a response at the time of reporting. The story will be updated if a reply is received.

Abhishek Kiran Gupta, CEO of CRE Matrix, explained that Tesla’s entry into India is unfolding through a deliberate, multi-city rollout, including its office in Pune, flagship showrooms in BKC and Delhi-NCR, co-working presence in BKC, and now a strategic warehousing facility in Kurla West, Mumbai. He added that the 24,565 sq ft lease at Rs 153 per sq ft is more than just a real estate transaction; it signals Tesla’s intent to build a high-impact EV ecosystem across India, supported by prime commercial and logistics assets.

Reports suggest that Tesla, owned by Elon Musk, is not currently interested in establishing manufacturing or production units in India. According to a statement by Union Minister for Heavy Industries HD Kumaraswamy, Tesla’s focus remains on expanding its showroom network in the country.

Regarding Tesla’s real estate presence in Mumbai, earlier in March 2025, Tesla had leased 4,000 sq ft of showroom space in Mumbai’s Bandra Kurla Complex (BKC), the country’s most expensive commercial district, for Rs 230.38 million over five years, as per CRE Matrix documents. The space, located in the commercial building Maker Maxity on North Avenue in BKC, included two parking spaces. The rent amounted to Rs 881 per sq ft, setting a national record for lease rentals and making it the costliest auto showroom lease deal in India.