Apple picks Bengaluru for third India retail store. Here's what it's paying in rent

Smartphone giant Apple is poised to expand its retail presence in India with a new store in Karnataka, reportedly at North Bengaluru’s Phoenix Mall of Asia, marking what is expected to be the company’s third retail outlet in the country, following its flagship locations in Maharashtra's Mumbai and Delhi.

FILE - People sit in front of an Apple Store in Duesseldorf, Germany, Monday, April 7, 2025. (AP Photo/Martin Meissner, File)(AP)

The store is expected to boost Apple’s footprint in Bengaluru, where manufacturing partner Foxconn is also said to be establishing a new facility.

What is the rent for Apple's Bengaluru store?

According to a ToI report which cited lease agreement accessed through real estate platform Propstack, Apple has signed a 10-year lease for a 7,997.8 square foot space with an annual rent of ₹2.09 crore for its store in Bengaluru.

The lease officially commenced on November 8, 2024, with rental payments scheduled to begin from August 8, 2025. The property is owned by Sparkle One Mall Developers Private Limited.

The deal includes a revenue-sharing model, wherein Apple will pay two per cent of revenue for the first 36 months, increasing to 2.5 per cent thereafter. However, the revenue share is capped at twice the applicable yearly minimum guaranteed rent. The agreement also features a 15 per cent escalation in rent and security deposit every three years.

Apple India has reportedly paid a deposit of ₹4.33 crore, with earlier documents showing the space was initially leased by Agni Commex LLP at ₹48.19 lakh per month. The lease has two lock-in periods extending to December 31, 2027, and December 31, 2028.

This development is part of Apple’s broader retail expansion strategy in India. In 2023, Apple leased over 20,000 square feet of space across three floors in a Mumbai mall at a minimum guaranteed rent of around ₹42 lakh per month. 

Additionally, the company reportedly secured 1.16 lakh square feet of commercial space on Cubbon Road, Bengaluru, for ₹2.43 crore per month on a 10-year lease.

Apple is reportedly planning to open four more stores across the country—in Delhi NCR, Mumbai, Pune, and Bengaluru—joining its existing Apple BKC and Apple Saket outlets. The company has already begun hiring for these new retail locations.

This retail push follows Apple CEO Tim Cook’s announcement that the iPhone maker would continue expanding its presence in India.