Latest news with #EmbassyZenith
India.com
19 hours ago
- Business
- India.com
Apple India signs massive 1000 crore deal for property, located in..., deal is for...
(Image: Bengaluru: In a significant development from the silicon city of India, Apple India has signed one of the biggest office lease deals in Bengaluru in its recent towards making India one of the biggest suppliers of iPhone manufactures of the world. Taking up around 2.7 lakh sq ft of space at Embassy Group's Embassy Zenith project for a 10-year term, Apple India has taken the lease of the space at massive value of over Rs 1,000 crore, setting a new benchmark with rates touching Rs 235 per sq ft per month. Why is Apple India paying Rs 1000 crore for space in Bengaluru? As per media reports, the Apple India Rs 1000 crore deal covers nine floors (5th to 13th) with a carpet area of 1.96 lakh sq ft and includes 362 parking slots in the Prestige Estates Projects' commercial building at Prestige Minsk Square. As a part of the deal, Apple will pay Rs 6.31 crore in monthly rent with a 4.5% annual escalation and has deposited Rs 31.57 crore as security. It also has the option to lease an additional 1.21 lakh sq ft across the lower floors. Apple begins iPhone 17 production at Bengaluru plant In a significant development, Taiwanese electronics major Foxconn and Apple's key supplier started production of iPhone 17 at its new Bengaluru factory, marking a significant milestone for the facility, amid the strained India-US trade relations. With the Bengaluru factory being Foxconn's second-largest iPhone manufacturing unit outside China, the Apple iPhone manufacturing in India is expected to take a massive jump. Set up at an investment of around $2.8 billion (about Rs 25,000 crore), the Bengaluru unit, located in Devanahalli, is now operational alongside Foxconn's Chennai plant, where iPhone 17 production is also underway, a report by IANS news agency said. The report also adds that the Apple new facility had faced a brief setback earlier this year when several Chinese engineers left abruptly due to reasons that were not certain. However, left unaffected, Foxconn since managed to bring in experts from Taiwan securing India's iPhone manufacturing dreams. (With inputs from agencies)
Hindustan Times
a day ago
- Business
- Hindustan Times
Apple India leases 2.7 lakh sq ft office space from Embassy Group in Bengaluru for 10 years at over ₹1,000 crore
Apple India Pvt Ltd has leased around 2.7 lakh sq ft of office space in real estate developer Embassy Group's project Embassy Zenith in Bengaluru for a 10-year term, with a total rental outlay of over ₹1,000 crore, setting a benchmark with lease rates touching almost ₹235 per sq ft per month, documents accessed by Propstack showed. Apple India Pvt Ltd has leased about 2.7 lakh sq ft of office space in real estate developer Embassy Group's project Embassy Zenith in Bengaluru for a 10-year term (Representational photo)(Pixabay) The tech giant will pay a total of ₹1,010 crore over 10 years, inclusive of rent, parking, and common area maintenance charges, the documents showed. The iPhones and IPads maker has leased nine floors, from the 5th to the 13th, with a carpet area of 1.96 lakh sq ft and a chargeable area of 2.68 lakh sq ft in Bengaluru's Sankey Road from Mac Charles (India) Ltd. Apple will pay ₹6.31 crore per month, translating to ₹235 per sq ft. Apple will receive a total of 362 car parking spaces as part of the deal, the documents showed. The company has deposited ₹31.57 crore as security, and the agreement includes an annual rent escalation of 4.5%, the documents showed. The company also has the option to lease additional space measuring 1.21 lakh sq ft across the ground to fourth floors, the documents showed. An email query has been sent to Apple India Private Limited and Embassy Group. The story will be updated if a response is received. Apple Inc has leased office space in a commercial project on a 2.3-acre land parcel, previously occupied by the Le Meridien hotel, overlooking Bangalore Golf Club and Cubbon Park. Embassy Group, which acquired the property years ago, is developing the tower comprising two basements, a ground floor, and 13 upper floors, the documents showed. 'Apple's 10-year commitment for prime office space in Bengaluru highlights their immense confidence in the Indian market. This investment in talent and operations runs parallel to their manufacturing scale-up for iPhones with companies like Foxconn. Together, these moves solidify India's crucial position at the heart of Apple's global supply chain and innovation efforts,' said Raja Seetharaman, co-founder Propstack. Other Apple India transactions in Bengaluru In May 2025, Apple India leased 7997.8 sq ft of retail space in North Bengaluru's upscale Phoenix Mall of Asia for an annual rent of ₹2.09 crore for 10 years, according to documents accessed by Propstack. 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. Also Read: Bengaluru: Here's how Foxconn's iPhone plant is reshaping Devanahalli's real estate market The lease also included 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. According to media reports, in 2023 Apple leased several floors of Prestige Estates Projects' commercial building, Prestige Minsk Square, in Bengaluru's central business district on Cubbon Road, for 10 years at a starting monthly rent of ₹2.44 crore. Foxconn facility in Bengaluru Real estate experts note that Foxconn's facility in Bengaluru is already fueling demand for residential and commercial properties in Devanahalli, driven by rising employment opportunities and infrastructure development. Taiwanese electronics giant Foxconn's Bengaluru factory, its second-largest manufacturing unit, has commenced operation with production of iPhone 17 recently at a small scale, sources aware of the development told PTI. Also Read: Office leasing across top 8 cities clocks 48.9 mn sq ft in H1 2025; Bengaluru sees record absorption at 18.2 mn sq ft Foxconn is the largest manufacturer of iPhones, and the second-biggest facility outside China in Devanahalli near Bengaluru, being set up at an investment of $2.8 billion (about ₹25,000 crore). "Foxconn Bengaluru unit has commenced operation with the production of iPhone 17. This is in addition to the production of iPhone 17 at its Chennai unit," a source aware of the development told PTI.
