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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 biggest mobile phone exporter from India, is further consolidating its position in India. The company has rented approximately 2.7 lakh sq ft of office and car parking space for 10 years from realty 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% every year, due to which the company will have to spend more than Rs 1,000 crore in 10 years, including rent and other charges.
Records indicate that Apple has taken on rent 9 floors from the 5th to the 13th floor in the Embassy Zenith Building. The investment has been made at a time when newly ousted US President Donald Trump had condemned Apple's forays into India. Unfazed by this, the company has asserted its faith in the Indian market.
