Apple leases the seventh through ninth floors, as well as a portion of the fourth and sixth floors of a commercial structure owned by Prestige Estates Projects, called Prestige Minsk Square. According to the paperwork, the rent per square foot is Rs. 195, and the monthly auto parking cost is Rs. 16.56 lakh.
According to media reports that cited records found by Propstack, Apple leases commenced on November 28 of last year, but rent didn’t start until July 1, 2023. Parking costs Rs 16.56 lakh per month, while the lease rate per square foot is Rs 195.
The lease deed was signed by Apple India, Prestige Estates Projects, and Mohammed Musa Sait Waqf. In 2017, Musa Sait Wakf and the developer entered into an agreement to construct a commercial structure with three basements, 14 floors, plus the ground level.
Every three years, the rent for the leased commercial space would increase by 15%. For three additional terms of five years apiece, Apple has the option to renew the lease.
Last week, Apple finally opened its long-awaited own-brand retail location in India. Apple formally announced the approaching launch of Apple BKC by revealing the barricade of its first physical store at Jio World Drive Mall in Mumbai.
Within a few days of the Mumbai Apple shop opening, the next Apple India retail location will be built in Delhi’s Saket’s Select Citywalk Mall. With a higher proportion of domestic manufacturing, intense marketing, measures to make products more accessible, and the success of the Apple India Online Store, Apple has had strong growth momentum in India.
Apple has been considering entering the Indian market for a while. As Apple Inc. moved its manufacturing away from China, Piyush Goyal, the minister of trade and industry, stated in January that Apple Inc. wanted India to account for up to 25% of its output, up from roughly five to seven percent at the time.
In addition, Apple Inc. started assembling its most recent iPhone models in India, breaking with its custom of keeping much of that work in massive Chinese factories controlled by its primary Taiwanese suppliers. This is a huge victory for the nation’s “Make in India” initiative.
According to two government sources, Foxconn, an Apple supplier, planned to treble the workforce at its iPhone manufacturing in India over the course of two years, indicating a production shift as it deals with problems in China, in November last year.
Foxconn Technology Group reportedly planned to spend about $700 million on a new plant in India last month in order to increase local production. Additionally, two individuals claimed that Foxconn had been contracted to create Apple Inc.’s AirPods and intended to construct a plant in India to do so. As the US tech giant’s partners moved to diversify production away from China, two sources also said last month that Pegatron Corp., an Apple Inc. Taiwanese supplier was in discussions to construct a second factory in India.