Green SM Leases 1,050 EV Parking Bays in Greater Noida for ₹15.5 Crore

GREATER NOIDA — Green SM, the all-electric taxi operator backed by Vietnam's VinFast Group, has leased 1,050 basement parking bays for electric vehicles at Golden Grande in Sector 19, Greater Noida, along with space for five containerised EV charging stations, according to transaction documents accessed by property data platform Propstack.

Lease Details and Financials

The lease covers a total chargeable area of 35,400 square metres, close to 4 lakh square feet, and runs for five years, having commenced on May 27, 2026. The parking bays and the charging station space are distinct components of the deal: the 1,050 bays provide basement parking capacity for the fleet, while the five containerised units are separate infrastructure set aside for charging. Not every bay is equipped with an individual charger under the terms disclosed so far.

The total rental outlay over the five-year term comes to approximately ₹15.5 crore. That figure represents the cumulative rent payable across the lease, not a purchase or acquisition price, since Green SM does not own the property. The first year's rent is set at ₹23.38 lakh a month, with a 5 percent escalation built in for each subsequent year. Green SM has also paid a security deposit of approximately ₹1.16 crore for the space.

Reshaping Real Estate for EV Fleets

Commenting on the transaction, Propstack co-founder Raja Seetharaman said large-scale EV fleet operations are turning standard basement parking into revenue-generating, tech-enabled infrastructure, adding that the deal shows how "mobility and PropTech dynamics are reshaping real estate demand."

The Greater Noida lease reflects the operational demands of running a large all-electric taxi fleet in Delhi-NCR. Unlike conventional fuel vehicles, EVs used in ride-hailing operations typically need to return to a central depot for charging between shifts, making dedicated basement parking paired with on-site charging infrastructure a practical necessity rather than an optional convenience. A facility of this scale allows Green SM to park and charge a large share of its fleet at a single location rather than relying solely on scattered public chargers.

Expansion of Indian Operations

Green SM entered the Indian market and launched its app-based taxi service in Delhi-NCR on June 5, 2026. The company operates as the exclusive fleet operator for VinFast, using the Vietnamese automaker's electric vehicles across its India operations.

The Greater Noida deal follows an earlier move by Green SM to build out its operational footprint in the region: in June, the company leased a 16,000 square foot office in Gurugram's Sector 54 through managed office space provider Urban Vault, describing the facility as a key operational hub for its India launch. Urban Vault has said it is providing workspace for roughly 500 Green SM staff across locations, with that capacity expected to nearly double by the end of the year, and people familiar with the discussions had said Green SM was also in talks to open additional facilities in Gurugram and Noida.

The scale of the Greater Noida lease points to a broader shift in how fleet-based EV mobility operators are approaching real estate in Indian cities. As companies scale app-based electric taxi and delivery fleets, demand is growing for basement and industrial-style spaces that can be converted into dedicated parking-cum-charging depots, a use case that differs from the smaller, scattered charging points aimed at individual EV owners. Green SM's lease is among the more concrete recent examples of this trend taking shape in the Delhi-NCR market.