Apple’s Saket store in Delhi is half the size of Mumbai’s BKC, but charges the same rent

According to documents shared by CRE Matrix, the Apple store that is set to open in Delhi’s Saket covers 8,417.83 sq ft, while the Apple BKC is spread over 20,000 sq ft.

Report published by monocontrol says that for Delhi’s Apple Store – located on the first floor of Select City Mall – Apple India and Select Infra signed a 10-year agreement on July 18, 2022. The report states that Apple has an option to renew the lease for another 5 years if six months’ notice is given.

Read also: Piyush Goyal says, “Apple expands its operations in India and the government is supporting the business.”

The tech firm is paying 40 lakh per month for the Delhi store, however, for Mumbai it will have to pay 42 lakh per month for more than double the area.

Gagan Randev, executive director of India Sotheby’s International Realty, revealed that the firm has agreed to a lock-in period of 5 years and a 15 per cent hike in rent every three years.

For stores, Apple has paid security deposit 1.19 crores which is about three months’ rent. Not only this, the tech firm will also have to pay monthly charges for common area maintenance and mall management. 85 per sq. ft. per month.

And for Mumbai’s BKC stores, tie-up with stores like Amazon, Facebook, Google, LG, Microsoft, Sony, Twitter, Bose, Dell, Devialet, Foxconn, Garmin, Hitachi, HP, HTC, IBM, Intel, Lenovo, Nest, is revealed. Panasonic and Toshiba are not allowed to open stores with display advertisements near the stores.

It is expected that Apple CEO Tim Cook may visit India for the inauguration of both the stores and during this he may also meet Prime Minister Narendra Modi.