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Apple India sets a benchmark with record rental deal, leases 6,526 sq ft space in Mumbai's BKC for 738 per sq ft

Jan 20, 2025 06:55 PM IST

Apple India Private Limited has leased commercial space in a building named Maker Maxity-5 in Mumbai’s Bandra Kurla Complex for five years

In the highest ever commercial lease rentals in the country, Apple India Pvt Ltd has taken on rent 6,526 sq ft of space in Bandra Kurla Complex (BKC) in Mumbai at a monthly rental of 738 per sq ft, according to property registration documents accessed by Proptstack.com

According to the documents, Apple India Private Limited, the Indian arm of US-based multinational technology company headquartered in Cupertino, California, has 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 termed the first lock-in period, and the second lock-in period is December 31, 2028.

The documents showed that the office space on the 10th floor of the tower also has a terrace area of 2126 sq ft.

The transaction was registered on December 19, 2024 by paying a stamp duty of 8.36 lakh and a registration fee of 1,000, the documents showed.

Also Read: Highest rental deal in BKC? IMC India leases commercial office space in Mumbai for 700 per sq ft

An email query sent to Apple India Private Limited did not get any response. Agni Commex LLP, the landlord, could not be reached for comment.

In June 2024, Agni Commex LLP rented a commercial space of almost 5830 sq ft to IMC India Securities Pvt Ltd for 700 per sq ft per month in BKC in Mumbai. This deal had earlier set the record for the most expensive office lease.

Also Read: All that you need to know about Apple's new 15-storey office in Bengaluru

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. The agreement was registered on February 26, 2021. The store is located at the Jio World Drive Mall, which houses mostly luxury brands.

It should be noted that Apple opened its first flagship stores in Mumbai and Delhi in 2023.

Maker Maxity, the project developed by the Maker Group, has five office towers as part of an integrated development comprising a luxury mall, which is currently under development, along with a drive-in movie theatre. Located at the entry of Bandra-Kurla Complex, Maker Maxity houses some of the most high-end fine-dining restaurants.

Also Read: BCD Group to lease 900 apartments to Apple iPhone maker Foxconn in Bengaluru housing project

India office space leasing scenario

India’s office sector achieved a historic gross leasing volume (GLV) of 89 million sq ft in 2024 across the top 8 cities. Net absorption reached an all-time high of 50 million sq ft, a report by Cushman & Wakefield, a real estate consultancy, said on January 3.

According to the report, the leasing record in 2024 marks the highest-ever gross leasing GLV recorded in the sector, surpassing 2023’s peak by a significant 14 million sq ft and a 19% increase.

According to the report, Bengaluru, Mumbai, and Hyderabad recorded the highest-ever leasing volumes in 2024. Bengaluru led the charge, accounting for 29% of India’s GLV at 25.93 million sq ft, followed by Mumbai at 20% with 17.84 million sq ft and Delhi-NCR at 15% with 13.14 million sq ft.

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