Elon Musk's Tesla Signs Five-Year Lease Agreement For Office Space In Pune; Here's How Much Rent It Will Pay

Elon Musk-led Tesla India Motor & Energy Pvt Ltd has rented an office space in Pune’s Panchshil Business Park in Viman Nagar. Last week, Tesla executives had met the commerce and industry ministry to discuss incentives and benefits for sellings its electric cars in India.

According to a report by Hindustan Times, Tesla's Indian subsidiary has entered into a five-year lease agreement with Tablespace Technologies Pvt Ltd for 5,580 square feet of office space on the first floor of B Wing in Panchshil Business Park.

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The rent for the office space will commence on October 1 this year. The report further revealed that two companies have agreed to a lock-in period of 36 months with an escalation clause of 5 percent per annum. There is also an option to extend the lease up to 10 years also.

Documents shared by real estate analytics firm CRE Matrix, as cited by Hindustan Times, Tesla will pay a monthly rent of ₹11.65 lakh along with a security deposit of ₹34.95 lakh to lease the space for a period of 60 months.

The Panchshil Business Park is currently under construction and has a development size of 10,77,181 sq. ft., which is located around 3 km from the Pune International Airport and will be easily accessible from the city's residential areas such as Koregaon Park, Kharadi, Wadgaon Sheri and Kalyani Nagar.

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The Indian government has given the permission to the electric vehicle making company, particularly those from China, to manufacture components in the country, as per a report by The Economic Times. However, the government hasn’t granted any exemptions to the company.

Tesla registered its Indian subsidiary in Bengaluru in 2021 and has plans to set up a factory to manufacture electric vehicles and EV batteries in the country, a Reuters report said.