Apple Chooses Bengaluru for Its Third Retail Outlet in India, Lease Details Revealed
Apple is gearing up to expand its retail footprint in India by opening a new store in Bengaluru, Karnataka. This will be the tech giant’s third retail outlet in the country, after Apple BKC in Mumbai and Apple Saket in Delhi. The upcoming store will be located at the newly developed Phoenix Mall of Asia in North Bengaluru, further strengthening Apple’s presence in a city that is also home to its manufacturing partner, Foxconn.
Apple is gearing up to expand its retail footprint in India by opening a new store in Bengaluru, Karnataka. This will be the tech giant’s third retail outlet in the country, after Apple BKC in Mumbai and Apple Saket in Delhi. The upcoming store will be located at the newly developed Phoenix Mall of Asia in North Bengaluru, further strengthening Apple’s presence in a city that is also home to its manufacturing partner, Foxconn.
According to a Times of India report citing data from real estate intelligence platform Propstack, Apple has signed a 10-year lease for a retail space measuring approximately 7,997.8 square feet. The annual rent for the space is pegged at ₹2.09 crore, with lease payments set to begin from August 8, 2025, although the lease officially commenced on November 8, 2024. The property is owned by Sparkle One Mall Developers Private Limited.
The lease agreement includes a revenue-sharing clause, where Apple will contribute 2% of its revenue for the first three years, increasing to 2.5% thereafter. However, this share is capped at twice the annual minimum guaranteed rent. The agreement also features a 15% escalation in rent and security deposit every three years, reflecting long-term commitment and investment in the region.
Apple India has reportedly paid a security deposit of ₹4.33 crore for the space. Previously, the property had been leased by Agni Commex LLP at a monthly rent of ₹48.19 lakh. The lease includes two lock-in periods that extend to December 31, 2027, and December 31, 2028, ensuring Apple maintains a stable presence in the location.
This move is part of Apple’s broader retail expansion in India. In 2023, the company leased more than 20,000 square feet across three floors at a Mumbai mall, paying a guaranteed minimum rent of approximately ₹42 lakh per month. Furthermore, Apple is said to have secured a massive 1.16 lakh square feet of commercial space on Bengaluru’s Cubbon Road for ₹2.43 crore per month under a 10-year lease.
Looking ahead, Apple plans to open four additional stores in Delhi NCR, Mumbai, Pune, and Bengaluru. Hiring for these new locations has already begun, signaling Apple’s aggressive strategy to tap into India’s growing premium smartphone and electronics market.
Sources By Agencies
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