Apple India has leased approximately 270,000 sq. ft. of office space in Bengaluru, specifically at Embassy Zenith, for a 10-year term. It is a project of real estate developer Embassy Group with a total rental of over Rs 1000 Crore. This project sets a lease rate of nearly Rs 235 per sq. ft per month, according to PropStack documents.
The document shows that the Company pays a total amount of Rs 1,010 Crore for over 10 years, including rent, parking, and common area maintenance charges. Apple has leased floors 5 to 13 of a building on Sankey Road in Bengaluru. This covers nine floors with a total carpet area of 196,000 square feet and a chargeable area of 268,000 square feet.
Apple pays Rs 6.31 crore monthly in rent, which is Rs 235 per square foot, and has 362 car parking spaces included in the deal. Apple deposited Rs 31.57 crore as security and has the opportunity to lease an additional space of approximately 1.21 lakh square feet across the ground floor to the fourth floor. The document shows an agreement including an annual escalation of 4,5%.
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This story will be updated after contacting Apple India Pvt. Ltd. and Embassy Group. Apple’s 10-year lease for prime office space in Bengaluru reflects its strong confidence in the Indian market. This investment aligns with their plans to expand iPhone manufacturing with partners like Foxconn, reinforcing India’s key role in Apple’s global supply chain and innovation, according to Raja Seetharaman, co-founder of Propstack.
