Apple Building in Bengaluru: Apple had said in its statement that it wants to expand its business further in India, due to which it has also prepared to open the first store in Mumbai. For this he will pay crores of rupees as rent. According to a report, the company has taken several floors of a commercial building on lease in Bengaluru.
This building has been built by Prestige Estate Projects on Cubbon Road. This building will be used as a Global Capacity Center. Apple has taken several floors in this building on lease for 10 years, for which the company will pay a monthly rent of crores of rupees.
How much will the rent
Rent will increase in three years
As per the terms of the lease agreement, there will be a lock-in period of five years and there will be a 15 per cent increase in rent every three years. The company will have a plan to renew the lease for three additional terms every five years. It has also been said in the lease that no opposition company of Apple will be given space in the building. According to reports, the company has provided a long list of names including Alphabet, Microsoft, Samsung, Xiaomi and Amazon.
Mumbai Apple store rent this much
This matter has come to light a few days after the company revealed the look of its first retail store in India. Apple has signed a 133-month lease for a store at Mumbai’s Jio World Drive Mall, with an option to extend it by another 60 months. According to reports, it is a 20,806 sq ft store, whose rent is Rs 42 lakh per month.
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