Apple expands India ops with ₹1,010 cr, 10 yr lease for 2.7 lakh sq ft prime Bengaluru office space: Report
Bengaluru: Apple India Pvt Ltd has signed a 10-year lease for around 2.7 lakh sq ft of office space in Embassy Group’s Embassy Zenith project in Bengaluru, with a total rental outlay of more than ₹1,000 crore, according to documents accessed by Propstack, media reports said.
The deal sets a benchmark for lease rates in the city, with prices hitting nearly ₹235 per sq ft per month, Hindustan Times reported, citing Propstack.
The company will pay ₹1,010 crore over the term, inclusive of rent, parking, and common area maintenance charges, the documents showed.
Apple has leased nine floors—from the 5th to the 13th—with a carpet area of 1.96 lakh sq ft and a chargeable area of 2.68 lakh sq ft in the Sankey Road property owned by Mac Charles (India) Ltd.
The iPhone and iPad maker will pay ₹6.31 crore each month, equivalent to ₹235 per sq ft.
As part of the agreement, Apple will get 362 car parking spaces.
The company has deposited ₹31.57 crore as security, and the lease includes a 4.5% annual escalation, the documents showed.
Apple also has the option to lease an additional 1.21 lakh sq ft spread across the ground to fourth floors.
The property sits on a 2.3-acre parcel of land previously occupied by the Le Meridien hotel, overlooking Bangalore Golf Club and Cubbon Park.
Embassy Group, which acquired the site years ago, is redeveloping it into a tower comprising two basements, a ground floor, and 13 upper floors.
An email query has been sent to Apple India Private Limited and Embassy Group, and the story will be updated once they respond.
“Apple's 10-year commitment for prime office space in Bengaluru highlights their immense confidence in the Indian market. This investment in talent and operations runs parallel to their manufacturing scale-up for iPhones with companies like Foxconn. Together, these moves solidify India’s crucial position at the heart of Apple’s global supply chain and innovation efforts,” said Raja Seetharaman, co-founder of Propstack, according to the HT report.
In May 2025, Apple also leased 7,997.8 sq ft of retail space in North Bengaluru’s Phoenix Mall of Asia for an annual rent of ₹2.09 crore on a 10-year term, documents accessed by Propstack showed.
That lease carries a 15% escalation every three years for both rent and security deposit, with Apple depositing ₹1.046 crore.
The agreement also includes a revenue-sharing clause of 2% of revenue for the first 36 months and 2.5% thereafter, capped at twice the yearly minimum guaranteed rent.
Earlier, in 2023, media reports said Apple had leased several floors of Prestige Estates’ commercial building, Prestige Minsk Square, on Cubbon Road for 10 years at a starting monthly rent of ₹2.44 crore.
Real estate experts note that Foxconn’s Bengaluru factory is already driving up demand for both residential and commercial properties in Devanahalli, fuelled by rising employment and infrastructure growth.
Foxconn, Apple’s largest contract manufacturer, has begun operations at its second-largest iPhone production facility globally, located in Devanahalli near Bengaluru. The factory, developed with an investment of $2.8 billion (around ₹25,000 crore), has recently started small-scale production of iPhone 17, sources told PTI.
"Foxconn Bengaluru unit has commenced operation with the production of iPhone 17. This is in addition to the production of iPhone 17 at its Chennai unit," a source aware of the matter told PTI.
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