The real estate analytics firm CHE Matrix has analyzed the lease agreement involving Apple India, which currently operates two stores—one in Mumbai and another in New Delhi.
The premium mobile device manufacturer has rented the space from Incline Realty for a duration of 10 years and 10 months, with a rent-free period lasting 10 months.
The initial monthly rent is set at ₹138 per square foot, with a minimum payable rent of ₹17,35,104. According to CRE Matrix, the revenue share will be 2% per quarter for the first 42 months, increasing to 2.5% per quarter thereafter.
In April 2023, Apple launched its inaugural two official stores in India, situated in Saket (Delhi) and BKS (Mumbai).
Last October, the company announced plans to open four additional stores in India, specifically in Pune, Bengaluru, Delhi-NCR, and Mumbai.
Apple initiated iPhone manufacturing in India back in 2017.
Recent reports from government sources indicated that Apple’s investment intentions in India remain solid, with plans to establish a significant manufacturing base for its products in the country.
