Apple’s Saket Store in Delhi will begin from April 20, whereas its BKC Store in Mumbai will open on April 18.
While Apple’s BKC retailer in Mumbai is paying Rs 42 lakh a month, the Saket retailer has an settlement to pay Rs 40 lakh.
The much-awaited Apple shops are lastly developing in India, with the corporate opening the nation’s maiden shops in Mumbai and Delhi subsequent week — April 18 and 20, respectively. Though the Delhi retailer measures 8,417.83 sqft and the Mumbai retailer sprawls at 20,000 sqft, Apple is paying nearly the identical lease quantity.
According to paperwork shared by CRE Matrix, the lease deed for the Delhi retailer, situated on the primary ground of the Select City Walk Mall in south Delhi, was signed on July 18, 2022, between Select Infra and Apple India for 10 years. Apple has the choice to resume the lease for an additional 5 years however should give a discover of not less than six months, mentioned a Moneycontrol report.
It has a lease of about Rs 40 lakh monthly.
“Apple has signed a lease with Select Citywalk mall for 8,400 sq. ft. of house at a lease of roughly 475 per sq. ft. plus CAM (Common Area Maintenance prices). The rental is about Rs 40 lakh monthly. This is a 10-year lease with a five-year lock-in with 15 p.c escalation each three years. The common retailer dimension on this Mall is about 1,500-2,000 sq. ft. The leases have seen a gradual enhance within the interval publish COVID-19. This just isn’t the most important retailer,” the Moneycontrol report quoted Gagan Randev, government director (capital markets) at India Sotheby’s International Realty, as saying.
The Mumbai store, located on over three floors in a mall in the commercial hub of Mumbai’s Bandra Kurla Complex (BKC), is much bigger than the Delhi’s store. However, Apple is paying nearly Rs 42 lakh per month for the 20,000 sq ft space in Mumbai. The rent will increase 15 per cent every three years.
Apple paid a security deposit of Rs 1.19 crore — equivalent to three months’ rent — showed the documents. Apple also has to pay monthly common area maintenance charges and mall management charges of Rs 85 per sq. ft. month, including applicable taxes.
Apple’s Mumbai store at BKC is called Apple BKC and will open on April 18. The Mumbai store is inspired by the artwork inside the iconic ‘Kaali Peeli’ taxis in the city. Apple BKC creative will also comprise interpretations of the decals along with several Apple products and services that will be available for consumers.
The Apple store in Delhi, called Apple Saket, will open on April 20 in south the national capital’s Saket. The company revealed the first-look of the store, showing its barricades which feature the Mughal-era gates of Delhi’s many historical monuments.
Apple said the colourful design takes inspiration from “Delhi’s many gates, each signifying a new chapter to the city’s storied past”. Apple Saket can have a devoted group of specialists and creatives.
Apple CEO Tim Cook is anticipated to go to India for the opening of the 2 flagship shops. The firm launched its on-line retail story in India in 2020.
Read all of the Latest Business News, Tax News and Stock Market Updates right here
