Apple India Sets Leasing Record with Landmark ₹738 per Sq Ft Office Space in Bandra Kurla Complex

Apple India has set a new record in commercial real estate leasing with a landmark deal in Mumbai's Bandra Kurla Complex (BKC). The company has secured 6,526 sq ft of office space in the Maker Maxity-5 building for a monthly rental rate of ₹738 per sq ft. according to documents accessed by Proptstack.com. The space is leased for a five-year period, with the deal registered in December 2024.

The rental agreement is between Apple India Private Limited and Agni Commex LLP, the landlord, marks the highest-ever commercial lease rental in the country. Apple has agreed to pay ₹48.19 lakh per month for the leased space, and a deposit of ₹4.33 crore has been made as part of the agreement. The first lock-in period is set to end on December 31, 2027, with the second lock-in period extending to December 31, 2028. The office space is situated on the 10th floor of the Maker Maxity-5 building, which also includes a terrace area of 2,126 sq ft.

The lease deal represents a significant milestone in Mumbai’s commercial real estate market, reflecting both the demand for premium office space and the high value that multinational companies are willing to place on prime locations within BKC. The deal was finalized by paying a stamp duty of ₹8.36 lakh and a registration fee of ₹1,000.

This new rental record surpasses previous deals in the area, including one in June 2024, when Agni Commex LLP leased a 5,830 sq ft space to IMC India Securities Pvt Ltd at ₹700 per sq ft. That transaction had previously set the record for the most expensive office lease in BKC. The BKC area has seen increasing interest from global firms, with several companies leasing office spaces in the area, driven by its prime location and proximity to key business and financial hubs in Mumbai.

Apple’s leasing activity in BKC is not its first in the area. In 2023, the company also leased over 20,000 sq ft of retail space across three floors in the Jio World Drive Mall, located in BKC. The retail space agreement was signed at a minimum guaranteed rent of ₹42 lakh per month. The mall is home to luxury brands, positioning Apple in one of Mumbai’s most prestigious commercial locations.

The Maker Maxity project, developed by the Maker Group, is an integrated development that consists of five office towers. The development is part of a larger project that includes a luxury mall currently under construction, along with a drive-in movie theater. The project is strategically located at the entry of Bandra-Kurla Complex and is expected to be a major commercial hub in Mumbai. The complex houses some of the city’s high-end fine-dining restaurants, further adding to its appeal as a premium office and retail destination.

This lease deal is part of a broader trend in India’s office space leasing market, which achieved a record gross leasing volume (GLV) of 89 million sq ft across the top eight cities in 2024, as reported by Cushman & Wakefield. The report highlighted that net absorption also reached an all-time high of 50 million sq ft. Bengaluru, Mumbai, and Hyderabad were among the top cities leading the leasing volumes, with Bengaluru accounting for 29% of India’s GLV, followed by Mumbai at 20% and Delhi-NCR at 15%.

BKC has long been a key business district in Mumbai, known for its high concentration of corporate offices, banks, and multinational companies. Its strategic location and the presence of top-tier commercial developments have made it an attractive area for businesses looking for prime office spaces. The increasing demand for office spaces in BKC reflects the broader trend of recovery and growth in India’s office leasing market.

This rental agreement is likely to encourage more companies to look at BKC and similar prime locations for office leases, which could further elevate the demand for high-end commercial properties in the region. As businesses continue to expand and relocate to prime commercial districts, the BKC market will remain a key focal point for corporate real estate transactions in Mumbai.