Apple to Pay Rs 40 Lakh Monthly Rent for Smaller Delhi Store Compared to Mumbai Store
Apple to Pay Rs 40 Lakh Monthly Rent for Smaller Delhi Store Compared to Mumbai Store 
Business

Apple to Pay Rs 40 Lakh Monthly Rent for Smaller Delhi Store Compared to Mumbai Store

Ankita Singhal

Delhi Apple Store Rent: Apple has established two outlets in Delhi and Mumbai. Moneycontrol had access to the lease agreement paperwork, which revealed that Apple will pay Rs 40 lakh per month in rent for its Delhi and Mumbai stores. 

The Delhi Store, located at Select City Walk in Saket, is significantly smaller than Apple's BKC store in Mumbai

The Delhi Apple store covers an area of 8,417.38 square feet. It will open on 20th April, after the Mumbai store, which opens on 18th April and will span 20,000 square feet across three levels. 

Lease for the Delhi store was signed for ten years: Moneycontrol Report

Lease for the Delhi store was signed for ten years

According to the Moneycontrol report, the lease for the Delhi store was signed on July 18, 2022, for ten years.

Apple will then have the option to renew the lease for another five years. However, they must notify the mall at least six months before the lease expires.

This is a 10-year lease with a five-year lock-in period and a 15% increase every three years.

The typical store size in this Mall is between 1,500 and 2,000 square feet. Rentals have steadily increased with the implementation of COVID-19. 

Apple is paying approximately 42 lakh rupees for a retail property in Mumbai. Apple has signed an 11-year lease with Ambani's Mumbai Mall for an area of approximately 20,000 square feet. Every three years, the store's rent will rise by 15%. 

Following the first three years of a 2% revenue share contribution, the revenue share contribution will climb to 2.5%.

Special Zone in the Jio World Mall, Mumbai

Apple will have a special zone' in the mall owned by Ambani. According to many reports, Apple's leasing agreement prevents 22 other companies, including Amazon, Facebook, Google, LG, Microsoft, Sony, and others, from occupying or presenting advertisements within the mall's exclusivity zone. 

"These new retail locations mark a significant expansion in India, providing great new ways for customers to look around, discover, and buy Apple products with outstanding customer service and experiences," Apple said in a statement.

The Wait is Over, Prabhas and Deepika's 'Kalki 2898 AD' Set to Make a Splash on This Day

Kejriwal in Jail, Wife Sunita Conducts First Roadshow in Delhi, Makes Emotional Appeal to Public

Chennai Super Kings Vs Sunrisers Hyderabad: When And Where To Watch 46th Match Of TATA IPL 2024?

Punjab: Khalistan Supporter Amritpal to Contest Lok Sabha Elections from Khadoor Sahib Seat, Currently Imprisoned in Assam Jail

BJP MP Brij Bhushan Singh Faces Setback as Court Rejects Petition Seeking Fresh Probe