Real estate data analytics firm CRE Matrix has reviewed the lease agreement of Apple India, which currently has two stores, one each in Mumbai and New Delhi.
New Delhi: iPhone maker Apple India has taken on lease a 12,616 square feet area in Sky City Mall at Borivali East, Mumbai for a minimum monthly rent of Rs 17.35 lakh, according to CRE Matrix.
Real estate data analytics firm CRE Matrix has reviewed the lease agreement of Apple India, which currently has two stores, one each in Mumbai and New Delhi.
Premium mobile device maker Apple India has leased this space from Incline Realty for 10 years and 10 months. The rent-free period is 10 months.
The starting monthly rent is Rs 138 per square foot. The minimum payable rent is Rs 17,35,104. The revenue share percentage is 2 per cent per quarter for the first 42 months, and then 2.5 per cent per quarter, as per CRE Matrix.
In April 2023, Apple opened its first two official stores in India–in Saket (Delhi) and BKS (Mumbai).
Last October, Apple announced that it would open four more stores in India, in Pune, Bengaluru, Delhi-NCR and Mumbai.
Apple began manufacturing iPhones in India in 2017.
Last month, government sources said Apple’s investment plans for India are intact and the company proposes to have a major manufacturing base for its products in the country.
