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Apple buys 2.7 lakh sq ft office in Bangalore, the company will pay Rs 1,000 crore rent in 10 years
Apple: iPhone maker Apple has leased about 2.7 lakh sq ft of new office space in Bangalore. Under this 10-year deal, the company will have to pay more than Rs 1,000 crore including rent and maintenance.
Apple India, the largest mobile phone exporter from India, is continually strengthening its presence in the country. The company has leased about 2.7 lakh sq ft of office and car parking space for 10 years from real estate firm Embassy Group in Tech City, Bangalore.
According to Propstack, the deal will start from April 3, 2025. Initially, Apple will pay rent of about Rs 6.3 crore every month. Apart from this, the company has also deposited a security deposit of about Rs 31.57 crore. Under the agreement, the rent will increase by 4.5% annually, resulting in the company incurring more than Rs 1,000 crore in 10 years, including rent and other charges.
Documents show that Apple has leased a total of 9 floors from the 5th to the 13th floor of the Embassy Zenith Building. This investment has come at a time when, recently, former US President Donald Trump criticized Apple's expansion in India. Despite this, the company has expressed its confidence in the Indian market.
