Apple signs 10-year lease for new Bengaluru office, to pay ₹1,000 crores in rent

Apple has leased about 2.7 lakh square feet of office space in Bangalore for a period of 10 years, with a starting monthly rent of ₹6.3 crore, according to data analytics firm Propstack.

Apple is currently the largest exporter of mobile phones from India, shipping iPhones worth nearly ₹1.5 lakh crore in the financial year 2024-25.

The company has taken multiple floors, along with car parking space, on lease from real estate developer Embassy Group.

As per Propstack, which reviewed the registration documents for the deal, Apple is expected to spend more than ₹1,000 crore over 10 years on rent, parking, and maintenance charges.

When contacted, Apple declined to comment on the transaction.

The lease, effective from April 3, 2025, has been signed for a duration of 120 months.

The development comes even as US President Donald Trump has criticised the company for expanding its operations in India.

According to the documents, the starting rent is ₹235 per square foot per month, with a deposit of ₹31.57 crore. The agreement includes an annual rent escalation of 4.5%, taking the total outlay to more than ₹1,000 crore over the lease period.

Apple has leased nine floors in Embassy Zenith, covering the 5th to the 13th floors.

The iPhone maker already operates several engineering teams across Bangalore and Hyderabad.

(with inputs from PTI)