Apple India has leased 7997.8 sq ft of retail space in North Bengaluru’s upscale Phoenix Mall of Asia for an annual rent of ₹2.09 crore for 10 years, according to documents accessed by Propstack.
The deal marks the tech giant’s continued expansion in India’s growing premium retail market. The company is expected to open its third retail outlet after Mumbai and Delhi in this space.
The lease commenced on November 8, 2024, and the rent will be charged from August 8, 2025, onwards. The landlord is Sparkle One Mall Developers Private Limited, the document showed.
The lease has a tenure of 10 years with a 15% escalation in both rent and security deposit every three years. Apple has paid a security deposit of ₹1.046 crore, the document showed.
The lease also includes a revenue-sharing component, almost 2% of revenue for the first 36 months and 2.5% thereafter. However, revenue share payments are capped at twice the value of the applicable yearly minimum guaranteed rent, the document showed.
The new store is expected to further bolster Apple’s retail footprint in India, especially at a time when manufacturing partner Foxconn is reportedly readying a new facility in the city, experts said.
An email query sent to Apple India Private Limited did not get any response. Sparkle One Mall Developers could not be reached for comment.
Also Read: ₹738 per sq ft”>Apple India sets a benchmark with record rental deal, leases 6,526 sq ft space in Mumbai’s BKC for ₹738 per sq ft
Apple India’s record rental deal
In December last year, Apple India leased 6,526 sq ft of space in Bandra Kurla Complex (BKC) in Mumbai at a monthly rental of ₹738 per sq ft, one of the highest-ever commercial lease rentals in the country.
The company leased the commercial space in a building named Maker Maxity-5 for five years.
According to the documents, Agni Commex LLP (the landlord) leased the space for ₹48.19 lakh per month, and Apple India paid a deposit of ₹4.33 crore. The deal’s lock-in period is December 31, 2027, which is referred to as the first lock-in period, and the second lock-in period is December 31, 2028.
As per a media report published in 2023, Apple had earlier leased over 20,000 sq ft of retail space spread over three floors in a mall in the commercial hub of Mumbai’s Bandra Kurla Complex (BKC), at a minimum guaranteed rent of around ₹42 lakh per month.
In 2023, the tech giant had leased commercial space of 1.16 lakh square feet for 10 years on Bengaluru’s Cubbon Road for ₹2.43 crore rent per month, as per media reports.
Also Read: Here’s how Foxconn’s iPhone plant is reshaping Devanahalli’s real estate market
Bengaluru’s Foxconn facility driving real estate values in North Bengaluru
With Foxconn’s iPhone manufacturing facility in Devanahalli, Bengaluru, nearing completion, the city’s northern corridor is witnessing a surge in real estate activity. Reportedly, the facility is to commence operation from the June quarter onwards.
Real estate experts note that Foxconn’s upcoming facility is already fueling demand for residential and commercial properties in Devanahalli, driven by rising employment opportunities and infrastructure development.
“There has been significant land price appreciation in Devanahalli. Since Foxconn’s entry, property rates have surged by at least 30–35%,” Ashish Sharma, City Head – Bengaluru at ANAROCK Group, told HT.com.
Developers are increasingly highlighting proximity to the upcoming Foxconn facility in their marketing campaigns, using phrases like “just 10 minutes from Foxconn” to attract attention. Experts say this strategy has proven effective in drawing interest from investors looking to capitalize on the rapidly growing ecosystem developing around the site.
