iPhone Manufacturer Foxconn takes 900 apartments in BCD Group's township project

Listed real estate develeoper BCD Group has signed a lease agreement with Apple iPhone manufacturing company Foxconn for a period of three years.  The project is situated in the township of Bengaluru’s Hoskote town.

According to the report, the iPhone maker leases 900 apartments in the township project. Last year, the company purchased 300-acre land parcel in Devanahalli, near the Kempegowda International Airport. 

The residential units are planned to house Foxconn's female engineers, technical staff, assistants, and factory workers, employed at the Taiwanese company's upcoming iPhone factory located about 25 minutes from the project site. 

According to the report of Proptech platform NoBroker, the average prices of commercial property  have raised 7% year-on-year in the area to start at Rs.15,000 per square feet currently. Meanwhile, rentals have increased by 9% annually.

Managing Director and Chairman Angad Bedi told the media that, previously, the project was named as Artha Emprasa which was taken over by the BCD group in 2021 and completed at a capital investment of Rs.250 crore

He added, “BCD Group has managed to transform a budget housing undertaking into India’s first blue-collar girls-only dormitory project, set to house close to 8,500 women.”

According to media reports, Foxconn, a subsidiary of Taiwan's Hon Hai Technology Group, currently manufactures iPhones for Apple at its Sriperumbudur factory near Chennai. The company aims to diversify its operations and advance in the value chain, expanding beyond smartphone assembly into sectors like information and communication technology (ICT), electric vehicles, and batteries.

Reportedly, Foxconn’s business in India has grown to over $10 billion as of 2024, its Chairman Young Liu said earlier this year. The company has invested $1.4 billion in India till date.

According to Bedi, the project is spanning across 8 acres, BCD Emprasa features 9 towers, each with 9 floors, offering 1RK and 2RK apartments ranging from 700 to 800 square feet. According to Bedi, each unit can house 4 to 6 people.

He mentioned, "It was part of phase 1 of a larger 80-acre township project, which is set to become Hoskote's first fully integrated township. The land acquisition is largely complete. Phase 2 will feature plotted and villa developments under the name Ekam Homes, covering 15 acres. It is expected to launch by the end of the year.”

According to Bedi, the company is going to add 4 million square feet in the ongoing fiscal to expand their footprints in 154 million square feet.  

He also added that, 12 million square feet of construction and development is under construction process.