Apple India leases record ₹738/sq ft office in BKC
Apple India has redefined commercial leasing benchmarks in India by renting 6,526 sq ft of prime office space in Mumbai’s Bandra-Kurla Complex (BKC) at a record-breaking ₹738 per sq ft monthly rental. The deal, registered on December 19, 2024, highlights the growing demand for high-end commercial spaces in the country’s financial capital. Situated on the 10th floor of the Maker Maxity-5 tower, the leased space includes a 2,126 sq ft terrace. This development places Apple India’s footprint firmly in one of India’s most prestigious business districts, underlining its expanding operations in the region.
The five-year lease agreement, signed with Agni Commex LLP, commands a monthly rental of ₹48.19 lakh, with a substantial security deposit of ₹4.33 crore. The deal includes two lock-in periods ending in December 2027 and December 2028, reflecting long-term stability in Apple’s commitment to Mumbai’s thriving business ecosystem. This record-setting agreement surpasses the ₹700 per sq ft lease signed in June 2024 by IMC India Securities Pvt Ltd for another property in Maker Maxity. These figures underscore BKC’s status as the epicentre of India’s commercial real estate market, known for attracting global corporations.
This landmark deal comes amidst a surge in India’s office space leasing activity. According to Cushman & Wakefield, the sector recorded a historic gross leasing volume (GLV) of 89 million sq ft in 2024, with net absorption peaking at 50 million sq ft. Mumbai contributed 20% of the GLV, totalling 17.84 million sq ft, second only to Bengaluru. Apple’s strategic move aligns with this robust market growth, which reflects increasing investor confidence in India’s economic trajectory and urban development.
The Maker Maxity complex, a marquee development by the Maker Group, epitomises sustainable urban design, integrating five office towers with an upcoming luxury mall and a drive-in theatre. Its premium offerings, including fine-dining restaurants, make it an attractive destination for global businesses. Apple’s investment in such high-value real estate mirrors its vision of maintaining sustainability and excellence. With its flagship stores already operational in Mumbai and Delhi since 2023, Apple is solidifying its position in India’s commercial and retail landscapes.
Apple’s commitment to premium office spaces not only showcases its focus on long-term growth but also sets a benchmark for the evolving dynamics of India’s commercial real estate sector. The deal signals an exciting phase of urban and sustainable development in Mumbai, with BKC standing as a testament to India’s rise as a global business hub.
