Electric vehicle manufacturer Tesla has signed a lease for its first showroom in India.

The showroom will be located in the Bandra Kurla Complex (BKC) in Mumbai and spans 4,003 square feet.

The lease agreement, registered last week, is between Tesla India Motors & Energy and Univco Properties LLP.

The first-year rent is set at 3.87 crore rupees (US$443,400), with a monthly rate of 881 rupees (US$10.09) per square foot, reportedly the highest commercial rent in India.

Tesla has also provided a security deposit of 2.11 crore rupees (US$241,800) as part of the lease.

The lease spans five years and includes an annual rent increase of 5%. This would raise the total to 4.7 crore rupees (US$538,400) by the fifth year.

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