[ad_1]
Apple India has renewed its lease for 52,000 square feet of office space with a flexible office operator, executive center in Bangalore. The lease, starting July this year, has been renewed for 36 months and has a lock-in period of 16 months, as mentioned in the sale deed shared by analytical firm PropStack.
“This transaction indicates Apple’s growing presence in India. The need for office space was inevitable due to the shift in manufacturing activities in India, despite the post-Covid work-from-home policies. It is safe to predict that Apple Will continue to grow our presence in India,” said Raja Sitharaman, Co-Founder, PropStack.
Apple India will work from the Executive Center Safina Towers in the office Bangalore And will pay a rent of ₹1.42 crore per month, the sale deed mentioned. “There will be an increase of 5% in November 2023 and every 12 months thereafter,” the registered document said.
Apple India did not respond to an email query sent by ET till press time.
In 2021, Apple signs over 4 lakh sq ft office deal Prestige Group in Bangalore to cater to the global and Indian markets and to open a major retail outlet in the city.
Additionally, the largest unit to manufacture Apple iPhone in India is coming up near Hosur in Bengaluru. The firm has outsourced the manufacturing of iPhone enclosures to Tata Electronics, which has a plant in Hosur. Slow tech hiring activity and directives from global headquarters have led to a temporary disruption in office leasing for one to two quarters, with some corporates going in for renovation of old office space.
[ad_2]
Source link