India, May 29 -- Apple India has leased 7997.8 sq ft of retail space in North Bengaluru's upscale Phoenix Mall of Asia for an annual rent of almost Rs.2 crore, according to documents accessed by Propstack.

The deal marks the tech giant's continued expansion in India's growing premium retail market.

The lease commenced on November 8, 2024, and the rent will be charged from August 8, 2025, onwards. The landlord is Sparkle One Mall Developers Private Limited, the document showed.

The lease has a tenure of 10 years with a 15% escalation in both rent and security deposit every three years. Apple has paid a security deposit of Rs.1.046 crore, the document showed.

The lease also includes a revenue-sharing component, almost 2% of revenue for ...