Apple to pay whopping Rs 40 lakh a month as rent for its Delhi Store which is smaller than Mumbai store

Apple has opened  swanky shops in Delhi and Mumbai. Interestingly, the Delhi Store, that’s placed at Select City Walk, Saket is a whole lot smaller than Apple`s BKC shop in Mumbai. However, the reviews display that the lease for the 2 shops is simply the same. The rent settlement files had been accessed through Moneycontrol, which confirms that Apple can pay Rs forty lakh a month as lease for its Delhi in addition to the Mumbai shops.

As a long way because the place of the Delhi Apple shop is concerned, it’s far pretty big, overlaying a place of 8,417.38 rectangular toes. It will open quickly after the Mumbai shop, that’s even larger at 20,000 rectangular toes over 3 floors. As in keeping with the Moneycontrol record, the rent for the Delhi shop became signed on July 18, 2022, and it’s going to ultimate for 10 years. After that, Apple has the choice to resume the rent for any other 5 years. But, they should allow the mall understand at the least six months earlier than the rent ends.

“Apple has signed a rent with Select Citywalk mall for 8,four hundred sq. ft. of area at a lease of about 475 in keeping with sq. ft. plus CAM (Common Area Maintenance charges). The condominium is set Rs forty lakh in keeping with month. This is a 10-yr rent with a 5-yr lock-in with 15 percentage escalation each 3 years. The common shop length on this Mall is set 1,500-2,000 sq. ft. The leases have visible a constant growth withinside the duration publish COVID-19. This isn’t the most important shop,” stated Gagan Randev, Executive Director – capital markets, India Sotheby`s International Realty advised the cash control.

The record similarly mentions that Apple is paying kind of forty two lakh rupees for a retail area this is 20,000 rectangular toes in Mumbai. This manner that the Mumbai shop is larger than the Delhi shop, and the fee of the retail area is decrease in Mumbai than in Delhi. The deal noted withinside the assertion shows that the fee in keeping with rectangular foot of retail area is better in Delhi than in Mumbai. It similarly mentions that notwithstanding the Delhi shop being in a bustling mall, the fee of the retail area is extra pricey than that of the Mumbai shop, that’s in a monetary hub.