Apple India has finalized one of its largest office lease agreements in Bengaluru as part of its broader push to make India a key hub for iPhone manufacturing worldwide. The company has secured nearly 2.7 lakh sq ft of space at Embassy Group’s Embassy Zenith project on a 10-year lease. Valued at over Rs 1,000 crore, the deal has set a new benchmark in the city’s commercial real estate market, with rental rates reaching around Rs 235 per sq ft per month.
Lease Details:
Lease records sourced from Propstack reveal that Apple India will be taking up space from the 5th to the 13th floors of Embassy Zenith, spanning a carpet area of 196,179 sq ft, which extends to 268,737 sq ft when including the chargeable area.
For this, the iPhone maker will pay a monthly rent of Rs 6.31 crore, which works out to Rs 235 per sq ft. As part of the agreement, Apple will also have access to 362 parking slots. The company has placed a security deposit of Rs 31.57 crore, with the lease contract stipulating an annual rent increase of 4.5%.
The lease papers further reveal Apple’s plans to scale up within Embassy Zenith by taking over the ground through fourth floors, adding another 1.21 lakh sq ft of space. Once completed, this expansion would push Apple’s total office area in Bengaluru close to 4 lakh sq ft, reinforcing its position in India’s corporate real estate landscape.
Apple’s iPhone 17 series Production In India:
Foxconn, the Taiwanese electronics major and one of Apple’s biggest suppliers, has kicked off production of the upcoming iPhone 17 at its newly built plant in Bengaluru. This milestone positions the site as Foxconn’s second-largest iPhone manufacturing hub outside of China, developed with an investment of nearly $2.8 billion (approximately Rs 25,000 crore).
