Rent of Apple Stores In BKC, Saket: Delhi Store Much Smaller Than Mumbai, Still Has Almost Same Rent

The much-awaited Apple stores are finally coming up in India, with the company opening the country’s maiden stores in Mumbai and Delhi next week — April 18 and 20, respectively. Though the Delhi store measures 8,417.83 sqft and the Mumbai store sprawls at 20,000 sqft, Apple is paying almost the same rent amount.

According to documents shared by CRE Matrix, the lease deed for the Delhi store, located on the first floor of the Select City Walk Mall in south Delhi, was signed on July 18, 2022, between Select Infra and Apple India for 10 years. Apple has the option to renew the lease for another five years but will have to give a notice of at least six months, said a Moneycontrol report.

It has a rent of about Rs 40 lakh per month.

“Apple has signed a lease with Select Citywalk mall for 8,400 sq. ft. of space at a rent of approximately 475 per sq. ft. plus CAM (Common Area Maintenance charges). The rental is about Rs 40 lakh per month. This is a 10-year lease with a five-year lock-in with 15 percent escalation every three years. The average store size in this Mall is about 1,500-2,000 sq. ft. The rentals have seen a steady increase in the period post COVID-19. This is not the largest store,” the Moneycontrol report quoted Gagan Randev, executive director (capital markets) at India Sotheby’s International Realty, as saying.

The Mumbai store, located on over three floors in a mall in the commercial hub of Mumbai’s Bandra Kurla Complex (BKC), is much bigger than the Delhi’s store. However, Apple is paying nearly Rs 42 lakh per month for the 20,000 sq ft space in Mumbai. The rent will increase 15 per cent every three years.

Apple paid a security deposit of Rs 1.19 crore — equivalent to three months’ rent — showed the documents. Apple also has to pay monthly common area maintenance charges and mall management charges of Rs 85 per sq. ft. month, including applicable taxes.

Apple’s Mumbai store at BKC is called Apple BKC and will open on April 18. The Mumbai store is inspired by the artwork inside the iconic ‘Kaali Peeli’ taxis in the city. Apple BKC creative will also comprise interpretations of the decals along with several Apple products and services that will be available for consumers.

The Apple store in Delhi, called Apple Saket, will open on April 20 in south the national capital’s Saket. The company revealed the first-look of the store, showing its barricades which feature the Mughal-era gates of Delhi’s many historical monuments.

Apple said the colourful design takes inspiration from “Delhi’s many gates, each signifying a new chapter to the city’s storied past”. Apple Saket will have a dedicated team of specialists and creatives.

Apple CEO Tim Cook is expected to visit India for the opening of the two flagship stores. The company launched its online retail story in India in 2020.

Read all the Latest Business News, Tax News and Stock Market Updates here