Apple India Pvt Ltd has made headlines with a groundbreaking commercial lease agreement, setting a new record for the highest rental rates in India. The tech giant has leased 6,526 sq ft of office space in the prestigious Bandra Kurla Complex (BKC) in Mumbai at an unprecedented rental rate of ₹738 per sq ft. According to property registration documents accessed by Proptstack.com, this lease deal was finalized for a five-year period within Maker Maxity-5, a prominent building in BKC.
The leasing agreement reflects a monthly rent of ₹48.19 lakh, with Apple India securing the property from Agni Commex LLP, the landlord. As per the agreement, the company has also provided a deposit of ₹4.33 crore. Additionally, the office lease includes a 2,126 sq ft terrace area on the 10th floor of the building. The deal features two lock-in periods, with the first one lasting until December 31, 2027, and the second running until December 31, 2028.
The official registration of this lease occurred on December 19, 2024, with a stamp duty payment of ₹8.36 lakh and a registration fee of ₹1,000. This deal sets a new benchmark in India’s commercial leasing market, surpassing the previous record of ₹700 per sq ft held by IMC India Securities Pvt Ltd, which leased nearly 5,830 sq ft of space in the same BKC area in June 2024.
Apple’s Expanding Presence in Mumbai
This new lease follows Apple’s retail expansion in Mumbai, where the company leased over 20,000 sq ft of space across three floors in the Jio World Drive Mall in BKC, at a minimum guaranteed rent of ₹42 lakh per month. The luxury mall is a significant part of Mumbai’s upscale commercial hub, and the store, which opened in 2023, marked Apple’s first flagship store in India.
The collaboration between Apple and the landlord, Agni Commex LLP, is part of an ongoing trend in India’s office leasing sector, where demand for high-end commercial spaces continues to rise. The Maker Maxity project, developed by the Maker Group, offers a mix of office towers, luxury malls, and other premium amenities. It is one of the key locations in Mumbai’s growing business district.
India’s Office Leasing Landscape
India’s office leasing sector has experienced a boom, with a historic gross leasing volume (GLV) of 89 million sq ft recorded in 2024, according to a report by real estate consultancy Cushman & Wakefield. This represents the highest-ever GLV, surpassing the previous year by 14 million sq ft, with a 19% increase. The top three cities—Bengaluru, Mumbai, and Hyderabad—accounted for the highest leasing volumes. Bengaluru, in particular, led the charge with 29% of the GLV at 25.93 million sq ft, followed by Mumbai with 20% at 17.84 million sq ft and Delhi-NCR with 15% at 13.14 million sq ft.
The remarkable leasing activity in 2024 reflects the strong demand for premium office spaces in India, driven by a booming business environment and the ongoing trend of multinational companies expanding their presence in major commercial hubs. With the real estate sector continuing to thrive, the Apple India lease deal serves as a testament to the growing value of high-end office spaces in Mumbai’s Bandra Kurla Complex.
