Apple India has further expanded its office presence in Hyderabad by leasing 64,125 sq ft of commercial space in WaveRock Tower 2.1 at Nanakramguda. The five-year lease agreement, effective from July 1, 2025, involves a monthly rent of ₹80.15 lakh, according to property documents accessed by Propstack.
The lease represents the continuation of Apple’s long-term strategy to consolidate and enlarge its office operations in the city. Apple has maintained a presence in WaveRock Tower since 2016, with prior agreements covering over 5 lakh sq ft across multiple office spaces. The initial lease in 2016 spanned 2.32 lakh sq ft, marking the company’s first significant step into the Hyderabad commercial real estate market.
The newly leased space spans the upper ground and third floors of WaveRock Tower 2.1 and is being leased from TSI Business Parks (Hyderabad) Private Limited. The documents indicate that the lease is structured at ₹125 per sq ft per month, broken down into a warm shell rent of ₹74.18 per sq ft and a fit-out rent of ₹50.82 per sq ft. Warm shell rent refers to office space with basic interiors already installed, enabling quicker occupancy and operational readiness.
As part of the agreement, Apple has secured 64 car parking spaces at no additional cost. Each parking slot can accommodate one car or up to six two-wheelers. The lease also allows for the possibility of additional parking spaces subject to availability and extra rent. A security deposit of ₹4.8 crore has been paid, and the lease includes an annual rental escalation of 4.77%. There is a three-year lock-in period during which neither party can terminate the lease except under specific contractual conditions.
Apple’s expansion in Hyderabad aligns with its broader India growth strategy, which has seen the company secure multiple high-profile commercial leases across key cities. Last month, Apple leased approximately 2.7 lakh sq ft in Embassy Zenith, Bengaluru, for a ten-year term, reflecting a total rental outlay exceeding ₹1,010 crore. The Bengaluru lease, with rates approaching ₹235 per sq ft per month, demonstrates the company’s willingness to invest in prime office locations to accommodate growing operations.
In addition to office leases, Apple has also expanded its retail presence. In May 2025, Apple India signed a lease for 7,997.8 sq ft of retail space in Phoenix Mall of Asia, North Bengaluru, on a ten-year term with a 15% escalation in rent and security deposit every three years, paying a security deposit of ₹1.046 crore.
Industry observers note that Apple’s expansion is being supported by increasing demand for both office and residential real estate in Hyderabad and Bengaluru. The establishment of Foxconn’s new facility near Devanahalli, Bengaluru, is cited as a key driver of commercial and residential demand. The facility, which is the second-largest Apple manufacturing unit outside China, has begun small-scale production of the iPhone 17, contributing to employment growth and supporting ancillary infrastructure development.
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