Apple's Bengaluru Investment: A Game-Changer for Indian Tech Industry

Highlights

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• Apple has made a significant investment in Bengaluru, India's IT hub, by leasing 1.16 lakh square feet of office space for 10 years.
• The leased space will serve as a global capability centre for Apple, where it will develop software and hardware products and provide support services to customers and partners worldwide.
• The investment will create employment opportunities for local talent and boost the city's reputation as a global innovation hub.
• According to the lease deed, Apple will pay a monthly rent of Rs 2.43 crore for the office space and Rs 16.56 lakh per month for car parking.
• The lease commencement date for fit-outs was November 28, 2022, and the rent commencement date is July 1, 2023.

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Apple, the world's most valuable company, has made a significant investment in Bengaluru, the IT hub of India. The tech giant has leased 1.16 lakh square feet of office space in a commercial building on Cubbon Road for 10 years, according to documents accessed by Propstack, a real estate data analytics firm.

The leased space will serve as a global capability centre for Apple, where it will develop software and hardware products, as well as provide support services to its customers and partners worldwide. The centre will also create employment opportunities for local talent and boost the city's reputation as a global innovation hub.

According to the lease deed, Apple will pay a monthly rent of Rs 2.43 crore, or Rs 195 per square foot, for the office space. The company will also pay Rs 16.56 lakh per month for car parking. The lease commencement date for fit-outs was November 28, 2022, and the rent commencement date is July 1, 2023.

The lease deed was signed between Mohammed Musa Sait Waqf, Prestige Estates Projects, and Apple India. Musa Sait Wakf is a private wakf that had entered into an agreement with Prestige Estates Projects, a leading real estate developer in Bengaluru, to construct the commercial building named Prestige Minsk Square. The building comprises three basements and ground plus 14 floors.

Apple has leased the entire seventh, eighth, and ninth floors, along with a portion of the fourth and sixth floors, in Prestige Minsk Square. The building is located on Cubbon Road, a prime location in the central business district of Bengaluru. The building is close to major landmarks such as Vidhana Soudha, Cubbon Park, MG Road, and Brigade Road.

Apple's decision to lease office space in Bengaluru reflects its growing presence and commitment in India, one of its fastest-growing markets. The company already has an engineering and design centre in Bengaluru, where it works with local developers to create apps for its iOS platform. The company also has retail stores ready in Mumbai and Delhi, and plans to open more outlets across the country.

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Apple's expansion in Bengaluru also signals its confidence in the city's talent pool and ecosystem. Bengaluru is home to many global tech companies such as Google, Microsoft, Amazon, IBM, Cisco, and Intel. The city also has a vibrant startup scene, with over 7,000 startups operating in various domains such as e-commerce, fintech, edtech, healthtech, and agritech.

Apple's move in Bengaluru is expected to have a positive impact on the city's real estate market as well. The demand for office space in Bengaluru has been recovering from the pandemic-induced slowdown, as more companies resume their operations and plan for future growth. According to JLL India, a property consultancy firm, Bengaluru recorded the highest office leasing activity among major Indian cities in the third quarter of 2022, with 6 million square feet of space transacted.

Apple's lease deal in Bengaluru is one of the largest by any tech company in India in recent times. It shows that Apple is bullish on its prospects in India and is willing to invest in its long-term growth here. It also shows that Bengaluru remains an attractive destination for global tech giants who want to tap into its talent and innovation potential.