Mobility service provider Green SM has signed a significant five-year lease agreement for 1,050 EV parking bays in Greater Noida's Golden Grande commercial hub. According to property registration documents accessed by Propstack, the lease covers a total chargeable area of 35,400 square metres, including 1,050 basement car parks and space for five containerised EV charging stations. The monthly rent stands at ₹23.38 lakh for the first year, with a 5% annual escalation expected thereafter. The agreement, which commenced on May 27, 2026, involves Green SM India Private Limited as the tenant and Ashrai Infra Private Limited as the licensor under a Facilitation Agreement dated May 26, 2026, with primary owner Advance Compusoft Private Limited.
The total rental outlay for this lease agreement amounts to ₹15.5 crore, as reported by Business Standard. Green SM has already paid ₹1.16 crore as a security deposit for the parking space. The lease is structured for a five-year term, positioning the company for long-term EV infrastructure development in the region. According to the lease details, the parking spaces are charged at ₹2,200 per parking slot per month, while each container charging space carries a monthly charge of ₹5,600, bringing the total monthly rent to ₹23.38 lakh.
This lease agreement signals Green SM's expansion in India following the launch of its cab service in Delhi-NCR in June this year. According to Business Standard, the company is the exclusive fleet operator of Vietnam-based electric vehicle maker VinFast Group. The transaction demonstrates the growing demand for EV infrastructure in India's commercial real estate sector. Green SM is backed by Pham Nhat Vuong, chairman of Vietnam's Vingroup and founder of electric vehicle manufacturer VinFast. The company was founded in 2023 at Vietnam, and its entry into India marks an expansion of its international electric mobility ambitions into one of the world's largest mobility markets.
As reported by Propstack, Raja Seetharaman, co-founder of Propstack, noted that large-scale EV operations are redefining traditional parking usage, turning standard basement infrastructure into revenue-generating, tech-enabled charging hubs. The deal underscores how mobility and PropTech dynamics are reshaping real estate demand in the commercial sector. The company plans to operate using the VinFast Limo Green, a seven-seater electric SUV developed specifically for passenger transportation, aimed at daily commuting, family travel, airport transfers and business trips.
The transaction follows Green SM's partnership with managed office space provider Urban Vault to build its India office network. According to Business Standard, the company has established a 16,000-square-foot office in Gurugram as a key operational hub for its app-based all-electric taxi service. Currently, Urban Vault provides workspace infrastructure with approximately 500 seats for Green SM across locations, with capacity expected to nearly double by the end of the year as operations scale up in India. The fleet features secure-to-safe safety systems including interior and exterior cameras, AI-enabled technology and emergency support buttons for both drivers and passengers.
