MUMBAI: Mumbai’s office property market set a new record in terms of highest-ever lease rentals anywhere in the country. Apple Inc has picked up an office spread over 6,526 sq ft in the business district Bandra-Kurla Complex (BKC) through a lease at monthly rentals of Rs 738 per sq ft surpassing the earlier benchmark of Rs 700 per sq ft.
The American multinational technology company’s India arm has leased the space in one of the towers of the commercial complex Maker Maxity for a long-term tenure of five years.
The office space on the 10th floor of the tower also has an open terrace area of 2,126 sq ft and even after factoring that space at usual practice of one-third of the cost, the rate amounts to Rs 666 per sq ft, making it one of the most expensive office lease deals ever.
The lease was registered in December and as per the agreement, the lease started on January 1, documents accessed through Propstack, realty data analytics platform, showed.
Previously, the record for the most expensive office lease in the country was held by the global market maker IMC’s India arm, IMC India Securities, which leased a 5,830 sq ft office space in the same commercial complex in BKC at a monthly rental of Rs 700 per sq ft for a shorter tenure of five months.
ET’s email query to Apple India remained unanswered until the time of going to press.
Apple opened its first flagship stores in Mumbai and Delhi in 2023, strengthening its retail presence in the country. With rising disposable incomes, increasing demand for premium smartphones, and strong government incentives for local production, India is poised to play a pivotal role in Apple’s long-term growth strategy.
In 2024, India’s top office markets recorded a 23% growth in total gross leasing, reaching 77.22 million sq ft, while total net absorption increased by 18% to 49.56 million sq ft.
India’s office market has emerged as a crucial destination for global companies scaling their workforce and real estate presence, highlighted by a record high in net absorption in the year 2024. The sector continued to witness robust activity, driven by sustained occupier demand across major cities and a strong push from key industries.
Apple Inc has significantly increased its focus on the Indian market, recognizing its immense potential as one of the fastest-growing economies and a key consumer base for premium electronics.
India has become a strategic growth hub for Apple, with the company investing in local manufacturing through partners to assemble iPhones locally. This move not only aligns with the Indian government’s ‘Make in India’ campaign, but also helps Apple reduce import duties and make its products more competitive.
Source Homevior.in
