India, March 5 -- Taking another step towards its India entry, electric vehicle (EV) maker Tesla has reportedly signed a lease agreement to open its first showroom in the country in Mumbai's Bandra Kurla Complex (BKC).

As per documents accessed by Economic Times, the lease agreement has set a new national benchmark, with Tesla set to pay INR 3.87 Cr for the first year for a 4,003 sq ft space. The EV maker has signed the deal with commercial complex Maker Maxity at a monthly rental of INR 881 per sq ft, surpassing the previous record of INR 738 set by Apple in January this year.

With this, the Elon Musk-led company will take over the space on the ground floor of 2 North Avenue at the plush business district. The lease agreement, register...