Tech
Apple Picks Up 1.16 Lakh Sq Ft Space In Bengaluru For Use As 'Global Capability Centre'
Apple has taken up commercial building space in Bengaluru on rent. (Photo by Medhat Dawoud on Unsplash)
Apple has rented multiple floors of a commercial building in Bengaluru, Karnataka, for approximately Rs 2.43 crore per month.
Prestige Estates Projects has built the property on Cubbon Road that will serve as a global capability centre.
Reports citing registration documents, made available by data analytics company Propstack, reveal that the iPhone maker will occupy the entire seventh, eighth, and ninth floors as well as a part of the fourth and sixth floors of the office building.
The space is said to be spread over an area of 116,888 (or 1.16 lakh) square feet.
Apple India has signed a lease agreement with private Musa Sait Wakf, per which they will pay Rs 195 per feet rental and a monthly car parking fee of Rs 16.56 lakh, starting from 1 July this year.
The technology giant is obliged to a five-year lock-in period and a 15 per cent rental increase every three years under the lease agreement. It can renew the lease for up to 15 years, divided into three additional terms of five years each.
As per the lease terms, the building owner cannot offer tenancy to any of Apple's rivals, reportedly including competitors Amazon, Samsung, Microsoft, and Alphabet.
This news comes close on the heels of Apple revealing the look of its first retail store in India.
The company has signed a 133-month lease with the option to extend it by 60 months for a 20,806 sq ft store in Mumbai's Jio World Drive mall.
The monthly rent for the property is Rs 42 lakh, totalling to over Rs 5 crore annually. The rent will increase by 15 per cent every 36 months, according to data from CRE Matrix.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
