Apple India Pvt ltd has renewed its lease for the Bangalore office for a period of 36 months. The office space has been leased out by Executive Centre India Pvt Ltd.
The previous leave and license agreement was executed between Apple and Executive Centre India in 2019. According to documents provided to SquareFeatIndia by Propstack the renewal of the leave and licnese agreement was signed on July 27, 2022, the commencement date of the agreement was July 1, 2022.
The leased out premises is an office space located on the 3rd and 4th floor of the building Safina Towers, Bangalore. Along with the office space Apple will also have an access to 30 car parks in the building. The license fee that Apple will be paying is Rs 1.42 crore per month, with a rent escalation of 5 per cent first after the completion of the 16 months and then after every 12 months.
The security deposit paid for the leave and license agreement is Rs 4.58 crore. The agreement can be renewed for a period of three years after the expiry of this agreement. The lock-in period of the agreement is 16 months.
“This transaction indicates Apple’s increasing presence in India. The need for office space, despite work for home policies post COVID, was inevitable due to the shift of manufacturing activities into India. It is safe to predict that Apple will continue to increase its footprint in India,” said Raja Seetharaman co-founder of Propstack
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