Latest news with #CREMatrix
News18
11-06-2025
- Automotive
- News18
Tesla In India: EV Giant Leases 24,565 Sqft Warehouse In Mumbai's Kurla For Over Rs 24 Crore
The lease, registered on May 16, 2025, carries a five-year lock-in period ending April 19, 2030. Elon Musk's Tesla India Motor and Energy Pvt Ltd has leased a 24,565 sq ft warehouse at Lodha Logistics Park in Mumbai's Kurla West, marking another significant step in the electric vehicle (EV) maker's India entry. The five-year lease deal is valued at Rs 24.38 crore, according to a Hindustan Times report citing property registration documents accessed by CRE Matrix. The leased premises comprise 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 lease, registered on May 16, 2025, carries a five-year lock-in period ending April 19, 2030. Tesla has also secured 20 parking spots as part of the agreement. The licence period officially begins on April 20, 2025, while the chargeable licence period starts from June 1, 2025. Tesla will initially pay a monthly rent of over Rs 37.53 lakh in the first year, which will rise 5% annually over the term. The company is also liable to pay Rs 1.62 crore in common area maintenance charges and has deposited Rs 2.25 crore as a security amount. Abhishek Kiran Gupta, CEO of CRE Matrix, described the deal as more than a real estate transaction. 'Tesla's India entry is taking shape through a deliberate, multi-city rollout — from its office in Pune to flagship showrooms in BKC and Delhi-NCR, co-working presence in BKC, and now a strategic warehousing facility in Kurla West, Mumbai," Gupta said. 'At Rs 153 per sq ft, this lease underlines Tesla's intent to build a robust EV ecosystem anchored by prime logistics and commercial assets," he added. The Kurla warehouse is located approximately 4 km from the U.S. Consulate in Bandra Kurla Complex (BKC), keeping Tesla's assets within a tightly knit 10-km commercial corridor. Tesla's Kurla lease follows a string of real estate moves in Mumbai this year. In March 2025, the company leased a 4,000 sq ft auto showroom in Maker Maxity on North Avenue, BKC — one of India's priciest commercial addresses — for Rs 23.38 crore over five years. The rent of Rs 881 per sq ft set a national record, making it the costliest showroom lease in India to date. In April 2025, Tesla also secured 30 seats in a managed office space near BKC at a monthly rental of Rs 3 lakh. Despite these aggressive real estate acquisitions, the company appears cautious about establishing manufacturing operations in India. Union Minister for Heavy Industries HD Kumaraswamy recently said Tesla has no current plans to set up production units in the country and is instead focused on expanding its retail and office presence.
Time of India
06-06-2025
- Business
- Time of India
Apple India leases 12,616 sq ft space at Sky City Mall in Mumbai
NEW DELHI: iPhone maker Apple India has taken on lease 12,616 square feet area in Sky City Mall at Borivali East , Mumbai for a minimum monthly rent of Rs 17.35 lakh, according to CRE Matrix . Real estate data analytics firm CRE Matrix has reviewed the lease agreement of Apple India, which currently has two stores, one each in Mumbai and New Delhi. Premium mobile device maker Apple India has leased this space from Incline Realty for a period of 10 years and 10 months. The rent free period is 10 months. The starting monthly rent is Rs 138 per square feet. The minimum payable rent is Rs 17,35,104. The revenue share percentage is 2 per cent per quarter for first 42 months, and then 2.5 per cent per quarter, as per CRE Matrix. In April 2023, Apple opened its first two official stores in India--in Saket (Delhi) and BKS (Mumbai). Last October, Apple had announced that it will open four more stores in India, in Pune, Bengaluru, Delhi-NCR and Mumbai. Apple began manufacturing iPhones in India in 2017. Last month, government sources said Apple's investment plans for India are intact and the company proposes to have a major manufacturing base for its products in the country.
Time of India
06-06-2025
- Business
- Time of India
Apple leases space in Mumbai's Borivali suburb for fourth India store
US technology major Apple 's India arm has picked up a over 12,616 sq ft retail space in Mumbai suburb Borivali through a long-term lease of 10 years and 10 months to set up its fourth store in the country. Apple India entered into an agreement to lease this space in a mall located off the Western Express Highway. The company will be paying a starting monthly rent of Rs 17.35 lakh, translating to Rs 138 per sq ft. The company has paid a security deposit of Rs 1.04 crore. The registration for the agreement was concluded on May 28, showed the documents accessed through realty data analytic firm CRE Matrix. The license agreement includes a 10-month rent-free period and rent payments will start only after this initial period, with a lock-in of the entire duration for the licensor and 6 years 6 months for Apple. The lease also includes structured rent escalation and revenue sharing. The minimum payable rent will escalate by 15% every 36 months. Furthermore, Apple will pay a quarterly revenue share of 2% for the first 42 months, rising to 2.5% thereafter. Common area maintenance (CAM) charges are fixed at Rs 75 per sq ft. ET's email query to Apple India remained unanswered. Earlier this year, Apple had leased an office spread over 6,526 sq ft in Mumbai's business district Bandra-Kurla Complex (BKC) through a lease at monthly rentals of Rs 738 per sq ft. Recently, it leased an 8,000-sq-ft retail space in Bengaluru to set up its third India store after Mumbai and Delhi.
News18
05-06-2025
- Business
- News18
Apple To Open Its Second Store In Mumbai, Leases Retail Space In This Area
Last Updated: The space in Sky City Mall at Borivali East has been leased through a long-term lease of 10 years and 10 months for a minimum monthly rent of Rs 17.35 lakh. US tech giant and iPhone maker Apple's Indian arm has leased 12,616 sq ft retail space in Mumbai's Borivali suburb to set up its second store in the metropolitan and fourth in the country. The space in Sky City Mall at Borivali East has been leased through a long-term lease of 10 years and 10 months for a minimum monthly rent of Rs 17.35 lakh translating to Rs 138 per sq ft, according to real estate data analytics firm CRE Matrix. The company has also paid a security deposit of Rs 1.04 crore. The registration for the agreement was concluded on May 28, showed the documents accessed by the firm. The license agreement includes a 10-month rent-free period and rent payments will start only after this initial period, with a lock-in of the entire duration for the licensor and 6 years 6 months for Apple. The agreement also includes a revenue-sharing clause where Apple will pay 2% of its revenue from the store for the first 42 months and 2.5% from the 43rd month onwards The lease also includes structured rent escalation. The minimum payable rent will escalate by 15% every 36 months. Earlier this year, Apple had leased an office spread over 6,526 sq ft in Mumbai's business district Bandra-Kurla Complex (BKC) through a lease at monthly rentals of Rs 738 per sq ft. Recently, it leased an 8,000-sq-ft retail space in Bengaluru to set up its third India store. Last month, government sources said Apple's investment plans for India are intact and the company proposes to have a major manufacturing base for its products in the country. In April 2023, Apple opened its first two official stores in India–in Saket (Delhi) and BKS (Mumbai). Last October, Apple had announced that it will open four more stores in India, in Pune, Bengaluru, Delhi-NCR and Mumbai. Apple began manufacturing iPhones in India in 2017. First Published: June 05, 2025, 19:23 IST
NDTV
03-06-2025
- Business
- NDTV
Tesla India Takes On Lease 24,565 Sq Ft Warehousing Space In Mumbai
New Delhi: Tesla India has taken on lease 24,565 square feet warehousing space in Lodha Logistics Park in Mumbai at a starting monthly rent of Rs 37.53 lakh, according to CRE Matrix. Real estate data analytics firm CRE Matrix has reviewed the registration documents. Tesla India Motor & Energy Pvt Ltd has taken the warehousing space, located at Kurla-West in Mumbai, on lease for 5 years. The space has been taken from Macrotech Developers Ltd, which is developing this logistics park. The rent commencement date is June 1, 2025. There will be a rent escalation of 5 per cent per annum. The total rent outgo is estimated at Rs 24 crore for the entire 5-year lease period. "Tesla's India entry is taking shape through a deliberate, multi-city rollout -- from its office in Pune to flagship showrooms in BKC and Delhi-NCR, co-working presence in BKC and now a strategic warehousing facility in Kurla-West Mumbai. This 24,565 sq ft lease at Rs 153 per square feet is more than a real estate transactions -- its a signal of intent," CRE Matrix CEO Abhishek Kiran Gupta said. Listed entity Macrotech Developers, which sells properties under Lodha brand, did not comment on the lease transaction. On Monday, Union Heavy Industries Minister H D Kumaraswamy said that global EV giant Tesla is not interested in manufacturing cars in India but keen on establishing showrooms in the country.
