Apple India Sets Benchmark with ₹738/sq ft Rental Deal in Mumbai’s BKC

Introduction

Apple India has secured a prime office space in Mumbai’s Bandra Kurla Complex (BKC) at a record-breaking rate of ₹738 per square foot, setting a new benchmark for rental deals in the area. This deal showcases Apple’s commitment to expanding its presence in India and solidifying its position as a key player in the country’s growing tech industry. The high rental rate reflects the demand for premium office spaces in BKC, known as Mumbai’s financial hub.

Table of Contents

• Apple India Leases Office in Maker Maxity-5 for ₹48.19 Lakh/Month
• Why BKC is a Prime Location for Apple India?
• Apple India’s Leasing Deals Set New Records in BKC
• What This Deal Means for Apple India’s Future in India?
• Impact on the Mumbai Real Estate Market
• Frequently Asked Questions

This move marks a significant shift in Apple India’s expansion strategy and highlights the growing importance of BKC as a prime business hub in Mumbai. Apple’s decision to lease this space underlines its commitment to strengthening its footprint in one of India’s most vibrant and dynamic markets.

Apple India Leases Office in Maker Maxity-5 for ₹48.19 Lakh/Month

According to official documents, Apple India Private Limited, the Indian subsidiary of the US-based multinational technology company headquartered in Cupertino, California, has leased a commercial space in the Maker Maxity-5 building for five years.

The documents reveal that Agni Commex LLP, the landlord, has leased the space to Apple India at a monthly rent of ₹48.19 lakh with a security deposit of ₹4.33 crore. The lease agreement includes two lock-in periods: the first runs until December 31, 2027, and the second extends to December 31, 2028.

The office is located on the 10th floor of the building and also includes a terrace area of 2,126 square feet. The transaction was officially registered on December 19, 2024, with a stamp duty payment of ₹8.36 lakh and a registration fee of ₹1,000, according to the documents.

Why BKC is a Prime Location for Apple India?

Bandra Kurla Complex (BKC) has long been considered Mumbai’s financial powerhouse, home to top multinational corporations, government offices, and high-end commercial spaces. Its proximity to both key business and residential areas makes it an ideal location for large corporations like Apple India.

Several factors make BKC a prime location for Apple India’s office:

• Proximity to key business hubs: BKC is located near several other business districts, ensuring easy access for corporate meetings and collaborations.
• Well-connected transport links: The area is well-served by public transport, including the Western Express Highway and BKC’s own dedicated metro station.
• Prestigious address: Having a presence in BKC enhances Apple India’s brand image, associating the company with a high-status address in Mumbai.

Apple India’s Leasing Deals Set New Records in BKC

An email inquiry sent to Apple India Private Limited did not receive a response, and Agni Commex LLP, the landlord, could not be reached for comment. In June 2024, Agni Commex LLP leased a commercial space of nearly 5,830 square feet to IMC India Securities Pvt Ltd for ₹700 per square foot per month in BKC, Mumbai. This deal had previously set the record for the most expensive office lease in the area.

According to a media report from 2023, Apple had earlier leased over 20,000 square feet of retail space across three floors in a mall in Mumbai’s Bandra Kurla Complex (BKC). The space was leased at a minimum guaranteed rent of approximately ₹42 lakh per month. The lease agreement was registered on February 26, 2021, for a store located at Jio World Drive Mall, which primarily features luxury brands.

What This Deal Means for Apple India’s Future in India?

Apple India’s decision to lease this premium space in BKC is a clear indication that the company is ramping up its operations in India. The tech giant has been steadily expanding its presence across the country, with new retail stores, distribution channels, and services.

This move could signal several strategic initiatives:

• Expansion of retail and corporate operations: The office space may house a variety of functions, including product research, marketing, customer support, and perhaps a design center to cater to India’s growing demand for Apple products.
• Recruitment and talent acquisition: The new office may become a hub for hiring top talent in India, helping Apple India to tap into the country’s deep pool of tech talent.
• Improved brand positioning: The high-profile location in BKC is likely to further enhance Apple India’s status as a premium brand, attracting more customers and investors.

Impact on the Mumbai Real Estate Market

Apple India’s rental deal in BKC could have wider implications for the Mumbai real estate market, especially in the commercial space sector. The lease deal could set new pricing trends and attract other high-end corporations to consider BKC as a prime location for their offices.

Several implications include:

• Rising commercial rent prices: As a result of Apple’s deal, landlords in BKC may look to revise their rental expectations. This led to a rise in commercial rent prices across the region.
• Increased demand for office space: Apple’s move could inspire other international companies to consider BKC as their next office location. Further driving up demand for premium office spaces.
• Revitalizing the real estate market: With more global brands like Apple making moves into BKC. The overall appeal of the commercial real estate market in Mumbai is likely to be enhanced. Leading to new developments and opportunities for investors.

Conclusion

Apple India’s ₹738 per square foot rental deal in Mumbai’s BKC is a game-changer for the commercial real estate market. By leasing a prestigious office space, Apple is not only strengthening its operational footprint in India but also setting a high standard for future commercial leasing in Mumbai. This bold move solidifies Apple India’s place as one of the leading players in the Indian tech industry, poised for further growth and innovation in the region. For more information, visit openplot.

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Frequently Asked Questions