Apple India has demonstrated its commitment to Hyderabad by leasing an additional 64,125 square feet at WaveRock Tower 2.1, a prominent business park located within the city’s IT corridor.
This expansion underscores Apple’s strategic focus on enhancing its operations in India, particularly in Hyderabad, which serves as a key hub for its technology and development initiatives.
Documents reveal that Apple India Private Limited has inked a new lease agreement with TSI Business Parks (Hyderabad) Private Limited, the landlord and co-developer of the Special Economic Zone (SEZ). The lease encompasses parts of the underground floor and the 3rd floor of Tower 2.1, also referred to as Tower 1 of Phase II within the WaveRock complex.
“The lease is set to commence on July 1, 2025, and will extend for a duration of 60 months. Apple will pay a monthly rent of Rs. 80.15 lakh, amounting to Rs. 125 per square foot per month. This includes a warmshell rent of Rs. 74.18/sft and an additional fit-out rent of Rs. 50.82/sft. A security deposit of Rs. 4.8 crore has also been placed with the landlord. According to the agreement, the rent will have an annual increase of 4.77%,” states the document shared by Propstack.
This new lease adds to Apple’s significant presence in Hyderabad. Currently, the company occupies more than 500,000 square feet at WaveRock, one of the largest integrated office complexes in the city. With this latest lease, Apple’s total operational space on the campus will exceed 569,000 square feet, solidifying its status as a leading tenant in the building.
The expansion aligns with Apple’s efforts to enhance its operations in India, encompassing both retail and backend development. “Hyderabad, in particular, plays a vital role in Apple’s global maps and software development teams. Analysts believe that this latest lease illustrates Apple’s commitment to further invest in engineering, data, and support functions in the city,” noted a consultant.
WaveRock, built by TSI Business Parks (a partnership involving Tishman Speyer and global investors), has become a prime destination for multinational corporations in Hyderabad. Situated in Nanakramguda, the city’s IT hub, it hosts several global companies in sectors including technology, finance, and consulting. Apple’s expansion further solidifies WaveRock’s reputation as one of Hyderabad’s prime office locations.
Real estate experts highlight that the monthly rate of Rs. 125 per square foot sets a strong standard within the Hyderabad market, particularly in the SEZ segment. While Hyderabad maintains a cost advantage over cities like Bengaluru and Gurgaon, rental rates in high-end campuses have seen steady growth, driven by demand from global tech firms.
Apple’s recent move also comes amid the company bolstering its Indian operations on various fronts. In addition to real estate, Apple has been increasing local manufacturing via its suppliers, expanding its retail presence with flagship stores, and intensifying hiring for tech and design roles.
The latest expansion at WaveRock is part of a broader strategy to position Hyderabad as a crucial element in Apple’s operations in India and globally.
