Latest news with #AppleIndia
Time of India
3 days ago
- Business
- Time of India
Bengaluru's first Apple Store likely to open soon: Annual rent and more that lease agreement reveals
Apple has reportedly secured a retail lease for 7,997.8 square feet within North Bengaluru's upscale Phoenix Mall of Asia. The new Bengaluru location is anticipated to become Apple's third retail outlet in India, following its flagship stores in Mumbai and Delhi. This comes soon after Apple CEO Tim Cook announced that the iPhone maker will expand its retail footprint in the country. As per an agreement, revealed by leading real estate platform Propstack, the lease is for a 10-year term with an annual rent of Rs 2.09 crore. It also claims that the lease officially commenced on November 8, 2024, with rent payments set to begin on August 8, 2025. The landlord for the property is Sparkle One Mall Developers Private Limited. Bengaluru's 1st Apple store of 8,000 sft in Phoenix Mall of Asia Apple India has leased a retail space of 8,000 sft in north Bengaluru's upscale Phoenix Mall of Asia for 10 years at an annual rent of Rs 2.1 cr. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo The lease also includes a revenue-sharing component of 2% revenue for the first 36 months and 2.5% thereafter. However, revenue share payments are capped at twice the value of the applicable yearly minimum guaranteed rent, the document showed. The lease commenced on November 8, 2024, and the rent will be charged from August 8, 2025, onwards. The lease has a 15% escalation in both rent and security deposit every three years. What else do we know about Apple's retail expansion plan in India This new store is expected to further strengthen Apple's retail presence in India, particularly as manufacturing partner Foxconn is reportedly preparing a new facility in Bengaluru. Earlier documents indicate that Agni Commex LLP (the landlord) initially leased the space for Rs 48.19 lakh per month, with Apple India paying a deposit of Rs 4.33 crore. The deal includes two lock-in periods, until December 31, 2027, and December 31, 2028, respectively. In 2023, Apple had previously leased over 20,000 square feet of retail space across three floors in a Mumbai mall at a minimum guaranteed rent of approximately Rs 42 lakh per month. Additionally, the company secured 1.16 lakh square feet of commercial space on Bengaluru's Cubbon Road for Rs 2.43 crore per month for 10 years, according to media reports. Apple is set to open four more Apple Stores across the country, in addition to Apple BKC in Mumbai and Apple Saket. The new stores will be in Delhi NCR, Mumbai, Pune and Bengaluru, in India. The company has reportedly started hiring for these retail stores. 4 new Apple stores confirmed for Delhi, Mumbai, Pune and Bengaluru!
Hindustan Times
4 days ago
- Business
- Hindustan Times
From Sholay to Bengaluru South: Can a name change revive Ramanagara's real estate market?
In real estate, branding matters and a name can significantly shape investor perception, market value, and demand. Ramanagara, located about 50 km from Bengaluru, last saw major real estate attention during the release of the iconic film Sholay, which was shot amid its rocky terrain. Now, with the Karnataka Cabinet approving the renaming of Ramanagara district to 'Bengaluru South', experts are cautiously optimistic about renewed interest in the area. While the rebranding could raise land prices, especially in emerging zones like Kanakapura and Bidadi, where property values are already escalating, experts warn that a name change alone isn't enough. The real, sustained impact will depend on how infrastructure development unfolds in the region. On May 22, the Karnataka Cabinet approved the renaming of neighbouring Ramanagara district as 'Bengaluru South'. Ramanagara, about 50 km from Bengaluru, will remain as the headquarters of the renamed district, which will also consist of Magadi, Kanakapura, Channapatna and Harohalli taluks. Also Read: Bengaluru Real Estate: Here's why Kanakapura Road is likely to see major real estate appreciation in 2025 Ramanagara was originally part of the larger Bengaluru district. In 1986, it came under the newly formed Bengaluru rural district. In the same year, Doddaballapura, Devanahalli, Nelamangala, Hosakote, Magadi, Kanakapura and Channapatna taluks were brought under Bengaluru rural district while the remaining became Bengaluru urban district. Later, in August 2007, then-Chief Minister H.D. Kumaraswamy established it as a separate district. The new district included the taluks of Ramanagara, Channapatna, Harohalli, Kanakapura, and Magadi. Local brokers say land prices in Ramanagara have crossed ₹1 crore per acre, rising from ₹50–70 lakh in the last couple of years. "Channapatna is still lagging behind in terms of growth, but Bidadi is witnessing significant development due to its status as an industrial area. Most of the appreciation is happening towards Bidadi, which serves as a connecting point between Bengaluru and Ramanagara. However, residential development in Bidadi is still very limited. Plot prices there typically start at around ₹30–40 lakh," Kiran Kumar, vice president of Hanu Reddy Realty, said. In Channapatna, land is currently selling at over ₹60 lakh per acre, boosted by infrastructure projects like the Bengaluru-Mysuru Expressway. Also Read: Apple India leases 8000 sq ft of retail space in Bengaluru for ₹2 crore annual rent as Foxconn facility nears completion Real estate experts say that, given its many positive connotations, the 'Bengaluru' tag will draw more attention from real estate developers, end-users, and investors in the long term. "If the region witnesses additional infrastructure infusions post this renaming, we can expect considerable momentum to aggregate here in the future. This will have an upward influence on overall demand for housing and commercial real estate, which will also reflect in prices," Ashish Sharma, City Head – Bengaluru, ANAROCK Group, said. However, local brokers point out that the proposed renaming of Ramanagara to Bengaluru South may have minimal impact. "Just changing the name won't bring significant results. It needs real infrastructure development," Kumar said. "As a realtor, I feel the name change alone won't drive much market movement unless we see infrastructure projects coming up that will drive commercial real estate in the area." While the key is infrastructure, Sharma said the renaming may boost the overall perception of and sentiment for this region, especially in areas like Kanakapura. Kanakapura Road is already experiencing significant growth and is emerging as one of the most affordable real estate hubs in South Bengaluru. Land prices close to the main road have reached around ₹2 crore per acre. Apartment projects along Kanakapura Road are priced between ₹1–1.2 crore for 2BHK units. For instance, Provident Park Square apartments are selling for ₹70–90 lakh, while Casagrand 3BHK units are priced at around ₹1.4 crore, Kumar pointed out. Land costs in the area vary from ₹3000-15,000 per sq ft for plots and ₹2-15 crore per acre for land parcels. "The apartment cost in the area is about ₹7000-12,000 per sq ft with Grade A developments typically between ₹10,000-14,000 per sq ft," Sunil Singh, director of RealtyCorp, said. In gated developments like Prestige Primrose, Singh said 2BHK apartments, launched about a year ago, were sold at ₹1 crore from ₹75 lakh last year. Similarly, prices for 1 BHK have jumped to ₹75 lakh from ₹60-65 lakh last year.
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Business Standard
5 days ago
- Business
- Business Standard
Apple to open third India retail store at Bengaluru's Phoenix Mall
Apple India has zeroed in on Bengaluru for opening its third retail outlet after Mumbai and Delhi, which were opened in 2023. For the third outlet, the iPhone maker has leased 8,000 square feet (sq ft) of retail space in Bengaluru's Phoenix Mall of Asia, which will be smaller than its first flagship store spanning more than 20,800 st ft in Jio Mall in Bandra Kurla Complex, Mumbai. However, it will be as large as Apple's second outlet in Select Citywalk Mall in Delhi's Saket. According to lease-related documents from real estate data analytics firm Propstack, Apple India will be paying an annual rent of ₹2.09 crore for the Bengaluru retail store, which translates to a monthly rent of ₹17.4 lakh. Along with the rent, Apple will also pay 2 per cent of its revenue for the first three years of the lease tenure and 2.5 per cent thereafter to the landlord. However, the lease deal has a rent cap where the revenue share payment does not exceed a value that is twice the value of the applicable yearly minimum guaranteed rent for the year. The carpet area of the space is 7,997.80 sq ft. The company has also paid a deposit of ₹1.046 crore. The rent and the security deposit both will escalate by 15 per cent after every three years. Apple's retail expansion is part of its goal of adding four more stores in India that has been outlined by Apple chief executive officer (CEO) Tim Cook. "In retail, in addition to the two stores we opened during the quarter, we're also looking forward to a new retail store in the UAE, the arrival of the online store in Saudi Arabia, and new retail stores in India starting later this year,' Cook said in the latest quarter earnings call earlier this month. The move comes at a time when the American multinational technology giant is shifting iPhone manufacturing from China to India to not only tap into India's growing smartphone market but also to export from the country to the US, amid tariff changes by the US government and despite pressures to manufacture in its home country. US President Donald Trump had warned Apple of a 25 per cent tariff on iPhones sold in the US if they're not manufactured domestically. Apple's own retail stores are part of its broader strategy in India where it began manufacturing iPhones in 2017, and has since begun making the latest models, including the iPhone 16 Pro and iPhone 16 Pro Max, domestically. According to a recent Bloomberg report, Apple is planning to double iPhone production in India to 80 million units to meet the demand of 60 million iPhones to be sold in the US by 2026. The company intends to raise the levels of exports to select countries worldwide. Cook has noted that most US-bound iPhones during the June quarter will be manufactured in India. 'For the June quarter, we do expect the majority of iPhones sold in the US will have India as their country of origin,' he had said in the earnings call. For its Mumbai retail space of 20,806 sq ft, Apple had signed an 11-year lease agreement with an annual rent of ₹5.04 crore (₹42 lakh per month) along with a 2 per cent revenue share for the first three years and 2.5 per cent thereafter. The rent would escalate by 15 per cent after every three years. In Delhi's Saket space of 8,400 sq ft, the company leased the space for 10 years at an annual rent of ₹4.8 crore (₹40 lakh per month) with a rent escalation of 15 per cent after every three years, but no revenue share component. Apple has leased the Bengaluru space from landlord Sparkle One Mall Developers, a subsidiary of Island Star Mall Developers, which is a 51:49 joint venture of Phoenix Mills – India's largest retail-led mixed-use developer – and Canada Pension Plan Investment Board (CPPIB), a global investment management organisation. The lease period has commenced from November 8, 2024, while the rent commencement date is August 8, 2025. The leased space is situated on the first floor of the mall, from the unit numbers F-39 to F-43. Phoenix Mall of Asia is spread over 13 acres of land in Hebbal, Bengaluru, with 1.20 million square feet (msf) of retail space. According to the lease terms, Apple has provided the lessor with a list of companies that compete with its business through a letter. The lessor cannot give on lease any such company that competes with or offers products or services that compete with Apple, to use, possess, or occupy any space, including but not limited to for setting up of retail stores for retailing advertising, selling offering displaying and merchandising their products and services within the exclusivity zone of the mall. Additionally, Phoenix Mill's retail portfolio consists of 12 malls across eight Indian cities, with 11.5 msf of operational retail development and 5 msf under construction and planning.
Hindustan Times
5 days ago
- Business
- Hindustan Times
Apple leases 8000 sq ft of retail space in Bengaluru for ₹2 crore annual rent as Foxconn facility nears completion
Apple India has leased 7997.8 sq ft of retail space in North Bengaluru's upscale Phoenix Mall of Asia for an annual rent of almost ₹2 crore, according to documents accessed by Propstack. The deal marks the tech giant's continued expansion in India's growing premium retail market. The lease commenced on November 8, 2024, and the rent will be charged from August 8, 2025, onwards. The landlord is Sparkle One Mall Developers Private Limited, the document showed. The lease has a tenure of 10 years with a 15% escalation in both rent and security deposit every three years. Apple has paid a security deposit of ₹1.046 crore, the document showed. The lease also includes a revenue-sharing component, almost 2% of revenue for the first 36 months and 2.5% thereafter. However, revenue share payments are capped at twice the value of the applicable yearly minimum guaranteed rent, the document showed. The new store is expected to further bolster Apple's retail footprint in India, especially at a time when manufacturing partner Foxconn is reportedly readying a new facility in the city, experts said. An email query sent to Apple India Private Limited did not get any response. Sparkle One Mall Developers could not be reached for comment. Also Read: Apple India sets a benchmark with record rental deal, leases 6,526 sq ft space in Mumbai's BKC for ₹738 per sq ft In December last year, Apple India leased 6,526 sq ft of space in Bandra Kurla Complex (BKC) in Mumbai at a monthly rental of ₹738 per sq ft, one of the highest-ever commercial lease rentals in the country. The company leased the commercial space in a building named Maker Maxity-5 for five years. According to the documents, Agni Commex LLP (the landlord) leased the space for ₹48.19 lakh per month, and Apple India paid a deposit of ₹4.33 crore. The deal's lock-in period is December 31, 2027, which is referred to as the first lock-in period, and the second lock-in period is December 31, 2028. As per a media report published in 2023, Apple had earlier leased over 20,000 sq ft of retail space spread over three floors in a mall in the commercial hub of Mumbai's Bandra Kurla Complex (BKC), at a minimum guaranteed rent of around ₹42 lakh per month. In 2023, the tech giant had leased commercial space of 1.16 lakh square feet for 10 years on Bengaluru's Cubbon Road for ₹2.43 crore rent per month, as per media reports. Also Read: Here's how Foxconn's iPhone plant is reshaping Devanahalli's real estate market With Foxconn's iPhone manufacturing facility in Devanahalli, Bengaluru, nearing completion, the city's northern corridor is witnessing a surge in real estate activity. Reportedly, the facility is to commence operation from the June quarter onwards. Real estate experts note that Foxconn's upcoming facility is already fueling demand for residential and commercial properties in Devanahalli, driven by rising employment opportunities and infrastructure development. 'There has been significant land price appreciation in Devanahalli. Since Foxconn's entry, property rates have surged by at least 30–35%,' Ashish Sharma, City Head – Bengaluru at ANAROCK Group, told Developers are increasingly highlighting proximity to the upcoming Foxconn facility in their marketing campaigns, using phrases like 'just 10 minutes from Foxconn' to attract attention. Experts say this strategy has proven effective in drawing interest from investors looking to capitalize on the rapidly growing ecosystem developing around the site.
Time of India
06-05-2025
- Time of India
Faridabad teen steals e-commerce iPhone data to claim tax credit in Rs 64cr GST fraud
Gurgaon: A 19-year-old boy from Faridabad allegedly pulled off a Rs 64-crore fraud on central GST over the past two years, using fake bills showing the sale of iPhones and registering bogus firms in the name of his grandmother and house said Sanket Mittal (19) and Naveen Tayal (34) fraudulently sourced data regarding the sale of iPhones from e-commerce sites to claim input tax credits. He also produced fake bills to show he had transported phones worth Rs 5.9 crore in Haryana Roadways duo came under the scanner of officials from CGST's Faridabad commissionerate because of the high amount of tax credit claimed. Preliminary probe led the data analytics team to two units — Balaji Mobile Addition and Monit Enterprises — which generated bogus invoices to cause a loss of Rs 64.2 crore loss to the about the modus operandi, a CGST official in Faridabad said Sanket used forged electricity bills to set up the two firms — one in the name of his grandmother, another with details of his domestic staffer. The accused then obtained iPhone IMEIs from online platforms like Amazon, Flipkart, and Appario, and used these numbers on fake bills to show they had been sold to fictitious firms and claim tax official said they were still trying to find out how the IMEIs were examining these bills, officials contacted Apple India, which said the iPhones had been sold to e-commerce platforms, and then to individual buyers. The investigators analysed more than 8,000 iPhone IMEIs and traced their resale records."IMEIs and other details about these iPhones were taken from Apple India, which showed sales made to online platforms and individual consumers. There was no purchase trail of these phones by these entities," the official Haryana Bijli Vitran Nigam — the power utility — confirmed that the bills used to establish the two companies were forged and no such consumer existed. E-way bill analysis showed that the vehicles that the accused claimed to have transported the phones in were either invalid or their registration numbers had been misused."For instance, iPhones worth Rs 5.4 crore were listed as moved by Haryana Roadways buses," the official investigation revealed that no supplier named in the bills existed, suggesting that the accused only received invoices but not actual goods. "The two accused were changing their location over the course of weeks and were difficult to trace. Both have now been remanded in judicial custody by the Faridabad district court for 14 days," the official said.
