Apple India has made headlines with its record-setting commercial lease deal in Mumbai’s Bandra Kurla Complex (BKC). According to property registration documents, the company has rented 6,526 sq ft of office space in Maker Maxity-5 at a premium rate of ₹738 per sq ft per month. This deal represents India’s highest rental transaction ever recorded for commercial space.

The lease, which spans five years, involves a monthly rental payment of ₹48.19 lacks. Apple India also paid a hefty security deposit of ₹4.33 crore. The lease agreement includes two lock-in periods—one until December 31, 2027, and the second until December 31, 2028. Additionally, the office on the 10th floor has a terrace area of 2,126 sq ft. This transaction was officially registered on December 19, 2024, with a stamp duty of ₹8.36 lakh and a registration fee of ₹1,000.

The deal places Apple India among the premium commercial tenants in Mumbai’s BKC, a sought-after commercial district known for housing high-end offices and luxury brands. This is not Apple’s first real estate venture in BKC; in February 2021, the company leased over 20,000 sq ft of retail space across three floors at Jio World Drive Mall in the same district. The company continues to expand its footprint in the region, signalling its growing influence in India’s business landscape.

In a similar transaction earlier this year, Agni Commex LLP, the landlord in the Apple deal, also leased nearly 5,830 sq ft to IMC India Securities Pvt Ltd for ₹700 per sq ft, briefly holding the record for the highest office lease in the area before Apple’s deal.

This leasing activity reflects a broader trend in India’s office space market, which saw an unprecedented volume of leasing in 2024. According to a report by Cushman & Wakefield, India’s office sector achieved a historic 89 million sq ft of gross leasing volume (GLV) in 2024, marking a 19% increase from the previous year. The report highlights Bengaluru, Mumbai, and Hyderabad as the top cities driving this growth, with Bengaluru leading at 25.93 million sq ft, followed by Mumbai at 17.84 million sq ft.

The record leasing activity in Mumbai and other top cities underscores the recovery and resilience of India’s office space sector, particularly in premium areas like BKC. With companies like Apple continuing to secure high-value spaces, the market signals a strong demand for high-quality commercial real estate.

Maker Maxity, the complex housing Apple’s new office, is part of an extensive integrated development that also includes luxury dining options, a movie theatre, and an under-construction luxury mall. Located at the gateway to BKC, it is one of the city’s most prestigious commercial properties, attracting global brands and multinational companies.

Apple India sets a new benchmark for office rental prices, highlighting the growing demand for premium office spaces in India’s commercial hubs. With India’s office leasing market continuing to thrive, how other companies will respond to the rising competition for prime office locations remains to be seen.

Conclusion

Apple India’s record-setting office lease in BKC exemplifies the ongoing demand for premium commercial real estate in Mumbai and across India. With leasing volumes reaching historic levels in 2024, the sector is poised for continued growth, driven by global companies investing in India’s dynamic business environment.