Despite the upcoming Delhi Apple store in Saket is half in size than the Mumbai’s BKC one, the rent of the two Apple stores is almost the same. Both the Apple stores in Mumbai and Delhi are set to open on April 18 and April 20 respectively.
According to documents shared by CRE Matrix, the Apple store that is set to open in Delhi’s Saket 8,417.83 sqft while Apple BKC is sprawling across 20,000 sqft.
Report published by Moneycontrol says that for the Delhi’s Apple store — located on the first floor of the Select City mall — Apple India and Select Infra signed a 10-year agreement on 18 July, 2022. Adding more, the report states that Apple has an option to renew the lease for another 5 years, if a notice of six months is served.
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.
India Sotheby’s International Realty’s executive director Gagan Randev revealed the firm agreed to a 5-year lock-in period and a 15 per cent hike in rent every three years.
For the stores, Apple has paid a security amount of ₹1.19 crore which is almost the rent of three months. Not only this, the tech firm wil have to to pay monthly charges for common area maintenance and mall management which is ₹85 per sqft per month.
And for the Mumbai’s BKC store, the agreement reveals store like Amazon, Facebook, Google, LG, Microsoft, Sony, Twitter, Bose, Dell, Devialet, Foxconn, Garmin, Hitachi, HP, HTC, IBM, Intel, Lenovo, Nest, Panasonic and Toshiba are not allowed to open stores of display ads near the store.
It is expected that for the inauguration of the two stores, Apple CEO Tim Cook may pay a visit to India during which he might also meet PM Narendra Modi.
Source: Live Mint