Apple India Pvt Ltd has leased 270,000 sq ft of office space in Embassy Group’s project, Embassy Zenith, on Bengaluru’s Sankey Road for a 10-year term, with a total rental outlay exceeding Rs 10.1 billion. Lease rates have set a benchmark at nearly Rs 235 per sq ft per month, according to documents accessed by Propstack.

The iPhone maker has leased nine floors, from the fifth to the 13th, with a carpet area of 196,000 sq ft and a chargeable area of 268,000 sq ft from Mac Charles (India) Ltd. Apple will pay Rs 63.1 million per month, inclusive of rent, parking, and common area maintenance, and has deposited Rs 316 million as security. The agreement includes a 4.5 per cent annual rent escalation, and provides 362 car parking spaces. Apple also has the option to lease an additional 121,000 sq ft across the ground to fourth floors.

The Embassy Zenith project is being developed on a 2.3-acre land parcel, formerly home to the Le Meridien hotel, overlooking Bangalore Golf Club and Cubbon Park. Embassy Group is building a tower comprising two basements, a ground floor, and 13 upper floors. “Apple’s 10-year commitment for prime office space highlights their immense confidence in the Indian market, aligning with their iPhone manufacturing scale-up through Foxconn,” said Raja Seetharaman, co-founder of Propstack.

Apple has also been expanding its retail footprint. In May 2025, it leased 8,000 sq ft of retail space in Phoenix Mall of Asia, North Bengaluru, for an annual rent of Rs 20.9 million on a 10-year lease with rent and deposit escalations every three years. The deal includes a revenue-sharing component of 2 per cent for the first three years and 2.5 per cent thereafter, capped at twice the annual minimum guaranteed rent.

In addition, Apple leased multiple floors in Prestige Minsk Square, Cubbon Road, in 2023 for 10 years at a starting monthly rent of Rs 24.4 million.

Meanwhile, Apple’s key manufacturing partner, Foxconn, has begun operations at its Rs 250 billion Bengaluru facility in Devanahalli, its second-largest plant worldwide, with initial production of iPhone 17. The factory is expected to boost regional demand for residential and commercial real estate, driven by new employment and infrastructure development.