Apple Delhi vs Apple Mumbai: Saket store is half in size but charges same rent

Apple’s newly announced Apple BKC and Apple Saket stores are set to open on April 18 and April 20 respectively. Interestingly, the rent of the two Apple stores is almost the same. However, the Delhi store is much smaller in size than the Mumbai one.

Apple Saket rent agreement leaked online 

According to documents shared by CRE Matrix, Apple Saket measures 8,417.83 sqft while Apple BKC is sprawling across 20,000 sqft. The Delhi store is located on the first floor of the Select City mall. The 10-year agreement was signed between Apple India and Select Infra on July 18, 2022. The tech company has an option to renew the lease for another 5 years, given that a notice of six months is served, reported Moneycontrol.

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Apple is paying 40 lakh per month for the Delhi store while in Mumbai, it must pay 42 lakh per month for more than double the area. As per the report, Gagan Randev, executive director (capital markets) at India Sotheby’s International Realty revealed that the company has agreed to a 5-year lock-in period and a 15 per cent hike in rent every three years.

The report further reveals that Apple has paid a security amount of Rs 1.19 crore which is almost the rent of three months. In addition to the rent, Apple has to pay monthly charges for common area maintenance and mall management which is Rs 85 per sqft per month.

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Apple BKC rent agreement terms 

As for Apple BKC, the agreement reveals that 22 'competing brands' including Amazon, Facebook, Google, LG, Microsoft, Sony, Twitter, Bose, Dell, Devialet, Foxconn, Garmin, Hitachi, HP, HTC, IBM, Intel, Lenovo, Nest, Panasonic and Toshiba are not allowed to open stores of display ads near the store.

For the inauguration of the two stores, Apple CEO Tim Cook is expected to pay a visit to India during which he might also meet PM Narendra Modi.

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