Apple Leases Rs 10.1 Billion Office In Bengaluru

19 Aug 2025 CW Team

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.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

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.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..