Apple India has made a significant move in the Indian commercial real estate market, securing a landmark lease agreement in Mumbai’s prestigious Bandra Kurla Complex (BKC). This deal, characterized by an unprecedented rental rate, underscores Apple’s strategic commitment to the Indian market and further solidifies Mumbai’s position as a leading business hub.
Apple India has leased 6,526 square feet of prime office space in Maker Maxity-5, a prestigious commercial development in BKC. This agreement sets a new benchmark for commercial leases in India, with a staggering monthly rent of ₹738 per square foot, translating to a monthly rental payment of ₹48.19 lakh. This record-breaking rental rate signifies the high demand for premium office space in Mumbai and the increasing attractiveness of the Indian market for global corporations.
Maker Maxity: A Hub of Prestige and Innovation
Maker Maxity, a development by the esteemed Maker Group, is a premier commercial and lifestyle destination in Mumbai. This integrated complex boasts five state-of-the-art office towers, seamlessly integrated with a range of amenities including a luxury mall currently under development and a unique drive-in movie theater. Situated at the gateway to BKC, Maker Maxity is home to a diverse range of leading companies, further solidifying its position as a sought-after address for businesses seeking a prestigious and dynamic work environment.
Apple’s Growing Footprint in India
This latest lease agreement underscores Apple’s strategic commitment to expanding its presence in the Indian market. The company has already made significant strides in India, including the successful launch of its first flagship retail store in Mumbai’s Jio World Drive Mall. This premium retail space, spread across three floors, has become a significant landmark, showcasing Apple’s commitment to delivering a premium brand experience to Indian consumers.
Apple’s record-breaking lease comes amidst a period of significant growth for India’s commercial real estate market. In 2024, the Indian commercial real estate market witnessed a historic surge in gross leasing volume (GLV), surpassing previous records with a remarkable 19% increase. Mumbai emerged as a key contributor to this growth, accounting for a substantial portion of the overall leasing activity.
Apple’s strategic investments in India, including this latest lease agreement, reflect the increasing importance of the Indian market in the company’s global growth strategy. India’s burgeoning technology sector, expanding middle class, and growing demand for premium products have positioned the country as a key market for Apple’s future growth.
Apple’s record-breaking lease agreement in Mumbai’s BKC signifies a new era for the Indian commercial real estate market. This landmark deal sets a new benchmark for rental rates, solidifying Mumbai’s position as a premier business destination and attracting further investment from global corporations.
As India continues to emerge as a global economic powerhouse, Apple’s strategic investments in the country will play a crucial role in shaping the future of the Indian economy and its position on the global stage. This latest move by Apple underscores the company’s confidence in India’s potential and its commitment to long-term growth in this dynamic market.
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