Latest reports have revealed that Apple has leased an area of as much as 1.16 lakh sq ft of commercial space for 10 years on Cubbon Road in Bengaluru.
The rent for the property is Rs 2.43 crore per month.
Read on to find out all the details!
Apple Leases 1.16 Lakh Sq Ft Commercial Space
The company has leased the entire fourth, sixth, and seventh floors in Prestige Minsk Square, a commercial structure by Prestige Estates Projects, as well as a section of the seventh, eighth, and ninth floors. According to the paperwork, the rental rate per square foot is Rs. 195, and the monthly automobile parking price is Rs. 16.56 lakh.
For fit-outs, the lease began on November 28, 2022. The first day of July 2023 is the start date for the rent.
Apple India, Prestige Estates Projects, and Mohammed Musa Sait Waqf all signed the lease deal. The developer and Musa Sait Wakf, a private wakf, entered into a contract on April 20, 2017, for the construction of a 14-story, three-basement commercial skyscraper.
Every Three Years, Rent To Increase by 15%
Every three years, the rent will increase by 15%. The lease can be extended by the corporation for a total of three further terms of five years each.
In Mumbai, Apple will debut its first physical location in India. According to registration records seen by Propstack, it has leased more than 20,000 square feet of retail space across three floors in a mall in Mumbai’s Bandra Kurla Complex (BKC) for a minimum guaranteed rent of almost Rs 42 lakh per month.
The company exported iPhones worth Rs 8100 crore in December 2022, taking the overall industry exports of smartphones to Rs 10,000 crore.
Several iPhone models, including the iPhone 12, 13, 14, and 14+ are being manufactured by Apple in India through its three contract manufacturers: Foxconn Hon Hai, Pegatron, and Wistron.
Mobile Phones Export & Govt PLI Scheme
These manufacturers are located in Tamil Nadu and Karnataka and are participants in the Indian government’s smartphone Production-Linked Incentive (PLI) scheme, which was launched in April 2020.
The PLI scheme aims to turn India into a manufacturing hub for smartphones and other electronics. As part of the scheme, manufacturers are required to submit data on production, exports, investments, and jobs to the government on a regular basis.
