Tesla's showroom will be in Mumbai's BKC at a cheaper place than Apple

Elon Musk's company is all set to enter India. The company has arranged for all things to open its first showroom in Bandra Kurla Complex (BKC) in Mumbai, the nation's financial capital. This showroom has been leased for a term of five years. Its lease rental rate is Rs 881 per square foot and is considered to be the highest lease rate. The company will have to give a monthly rent of Rs 35.26 lakh and this will rise every year by 5 percent. Rs 2.11 crore has been given as security in the lease. This is a building with all big corporate offices and is a high-class office building.

This is not Bandra Kurla Complex in Mumbai's first major deal. Earlier, Apple India established a new commercial office space leasing record in a landmark transaction in Mumbai's Bandra Kurla Complex. Propstech real estate tracker reports that the firm has taken on lease office space of 6,526 square feet in the building Maker Maxit-5 for a monthly lease price of Rs 738 per square foot. This has been taken on lease for a term of five years and was registered in December 2024. Apple has taken a commitment for a monthly payment of Rs 48.19 lakh for this and Rs 4.33 lakh has been paid in advance in this transaction, and its lock-in period will end on 31 December 2027.

Property expert Ajay Diwan says that before Apple, in June 2024, another deal was done in which Agni Comex LLP leased 5,830 sq ft of space to IMC India Securities Pvt Ltd at Rs 700 per sq ft. This deal first set the record for the most expensive office lease in BKC. Due to Tesla and Apple, the interest of global companies will increase in the BKC area. Many big companies already have offices here and this place is likely to become even more expensive in the coming time. KnightFrank's report shows that BKC has long been a major commercial area in Mumbai, home to corporate offices, banks, and international companies. Due to its increasing demand, the lease office market in India will expand.