Apple leases commercial space in Bengaluru, at a monthly rent of INR 2.44 crore for 10 years
Written by Sanjay Kumar
News highlights
- Apple has leased 1.16 lakh sq ft of commercial space for 10 years on Cubbon Road in the heart of Bengaluru for a rent of INR 2.43 crore per month.
- The per square feet rental is INR 195, besides INR 16.56 lakh per month for car parking, the documents showed.
- The rent will be increased by 15 percent every three years.
Apple has leased several floors of a commercial building in Bengaluru with monthly rent starting at INR 2.43 crore. This building, located on Cubbon Road, was built by Prestige Estates Projects, and is said to be utilized as a global capability centre by the tech giant.
Registration documents provided by data analytics firm Propstack indicate that Apple will occupy the entirety of the seventh, eighth, and ninth floors, along with a portion of the fourth and sixth floors of the office building.
Apple
Technology company
- Founders: Steve Jobs, Steve Wozniak, Ronald Wayne, Mike Markkula
- Products: iPhone, iPad, Apple TV, Apple Watch, iOS, macOS, AirTag, MORE
- Founded: 1 April 1976, Los Altos, California, United States
- Headquarters: Cupertino, California, United States
As part of the agreement, Apple will pay a monthly rental rate of INR 195 per square foot, as well as a monthly car parking fee of INR 16.56 lakh. The lease agreement was signed by Apple India and the private Musa Sait Wakf, with the rent starting from July 1 of this year.
The terms of the lease agreement specify that Apple must abide by a lock-in period of five years and will face a 15% increase in rent every three years. Additionally, the company has the option to renew the lease for up to three additional terms of five years each. The lease agreement also includes a clause that prevents Apple’s competitors from being granted space in the building. It is said that the company had provided a list of names, including Alphabet, Microsoft, Samsung, Xiaomi, and Amazon.
Recently, Apple unveiled its first retail store in India, located in Mumbai’s Jio World Drive mall. The company has signed a lease agreement for 133 months with the option to extend it by 60 months. The store spans 20,806 square feet and has a monthly rent of INR 42 lakh, which adds up to a little over INR 5 crore per year. As per data shared by CRE Matrix, the rent will increase by 15% after every 36 months. This news comes just a few days after Apple announced the look of its first retail store in India.
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