Apple picks Bengaluru for third India retail retailer. Here's what it is paying in lease

May 31, 2025 04:08 PM IST

Apple has reportedly signed a 10-year lease for a 7,997.8 sq. foot area for its retailer in Bengaluru.

Smartphone large Apple is poised to develop its retail presence in India with a brand new retailer in Karnataka, reportedly at North Bengaluru’s Phoenix Mall of Asia, marking what is predicted to be the corporate’s third retail outlet within the nation, following its flagship places in Maharashtra’s Mumbai and Delhi.

FILE – People sit in entrance of an Apple Store in Duesseldorf, Germany, Monday, April 7, 2025. (AP Photo/Martin Meissner, File)(AP)

The retailer is predicted to spice up Apple’s footprint in Bengaluru, the place manufacturing accomplice Foxconn can also be mentioned to be establishing a brand new facility.

What is the lease for Apple’s Bengaluru retailer?

According to a ToI report which cited lease settlement accessed via actual property platform Propstack, Apple has signed a 10-year lease for a 7,997.8 sq. foot area with an annual lease of ₹2.09 crore for its retailer in Bengaluru.

The lease formally commenced on November 8, 2024, with rental funds scheduled to start from August 8, 2025. The property is owned by Sparkle One Mall Developers Private Limited.

The deal features a revenue-sharing mannequin, whereby Apple pays two per cent of income for the primary 36 months, rising to 2.5 per cent thereafter. However, the income share is capped at twice the relevant yearly minimal assured lease. The settlement additionally contains a 15 per cent escalation in lease and safety deposit each three years.

Apple India has reportedly paid a deposit of ₹4.33 crore, with earlier paperwork displaying the area was initially leased by Agni Commex LLP at ₹48.19 lakh monthly. The lease has two lock-in durations extending to December 31, 2027, and December 31, 2028.

This growth is a part of Apple’s broader retail enlargement technique in India. In 2023, Apple leased over 20,000 sq. ft of area throughout three flooring in a Mumbai mall at a minimal assured lease of round ₹42 lakh monthly.

Additionally, the corporate reportedly secured 1.16 lakh sq. ft of business area on Cubbon Road, Bengaluru, for ₹2.43 crore monthly on a 10-year lease.

Apple is reportedly planning to open 4 extra shops throughout the nation—in Delhi NCR, Mumbai, Pune, and Bengaluru—becoming a member of its current Apple BKC and Apple Saket shops. The firm has already begun hiring for these new retail places.

This retail push follows Apple CEO Tim Cook’s announcement that the iPhone maker would proceed increasing its presence in India.